The US military operation in Venezuela at the start of 2026 resulting in the capture of president Nicolas Maduro had a modest immediate impact on oil prices.

However, questions raised by these events are highly consequential for global markets and the future geopolitical power balance.

Shares in some US-listed oil companies rose sharply after the operation, but who will be the real winners and losers in the long term? What are the implications for global oil and gas markets, amid protests rocking Iran and the possibility other resource-rich countries and territories such as Canada, Colombia, Greenland or Mexico could be on Washington’s target list?

Senior reporter Aura Sabadus has invited ICIS global crude oil editor Barney Gray and senior oil analyst David Jorbenaze to reflect on latest developments and the long-term outlook for markets.

The loss of Russian gas imports, associated long-term capacity bookings and the reversal of gas flows in central and eastern Europe have led to soaring transmission tariffs and inevitably heated debates.

After decades of operating on a fairly simple business model, gas grid operators, regulators, traders and consumers are faced with multiple dilemmas on how to minimise costs while also ensuring revenue to meet challenges.

A patchwork of different views and approaches has emerged, often to the detriment of consumers, raising questions whether the EU’s network codes still provide the answer to managing complex situations.

In this interview, Walter Boltz, former head of Austrian regulator E-Control, tells ICIS senior reporter Aura Sabadus that an altogether new vision is required that will require the involvement of the European Commission, ACER and ENTSOG.

The EU’s Carbon Border Adjustment Mechanism (CBAM) will be moving up a gear from 2026 when EU importers are expected to purchase and surrender CBAM certificates to cover the embedded emissions of imported carbon-intensive goods.

Regulations will impact Energy Community contracting parties such as Ukraine, Moldova, Georgia and the West Balkans countries either through their exports of electricity or other energy-intensive products.

ICIS journalist Aura Sabadus has spoken to Peter Pozsgai, lead of the CBAM Readiness Task Force at the Energy Community, to understand the exact implications for both EU importers and Energy Community contracting parties.