Oil Hit $120 a Barrel. Countries That Had Invested in Renewables Are Watching the Crisis With a Lot Less Panic.

France 24 breaks down the oil market fallout from the Iran war, with Brent having peaked near $120 before pulling back under $98 on peace plan hopes. Fifteen minutes before Trump's Truth Social post announcing a de-escalation, a massive volume of oil contracts changed hands, dropping the price 14%. French authorities are calling it suspicious. Meanwhile, France's finance minister warned of a new systemic oil shock with growth forecasts cut to near zero. China, which expanded solar and wind dramatically, is far better insulated. IRENA data shows over 90% of new green power projects were cheaper than fossil fuels in 2024. The energy transition argument just got a very loud data point.