The Israel-Iran conflict caused a brief but significant spike in oil prices, demonstrating the market's swift adaptation to geopolitical events while signaling the growing importance of renewable energy for global energy security, said an economist. Speaking to China Global Television Network (CGTN), Claudio Galimberti, chief economist at Oslo-based research firm Rystad Energy, analyzed the fluctuation in oil prices following Israel's mid-June attacks on Iran. Galimberti highlighted the risks posed by geopolitical volatility to energy industries while stressing the importance of renewables as a form of energy security. Shotlist: Tehran, Iran - June 15, 2025: 1. Various of long lines of vehicles in front of gas stations; New York City, USA - Recent 2. SOUNDBITE (English) Claudio Galimberti, Chief Economist, Rystad Energy (partially overlaid with shot 3): "What we learn is that the market incorporates the information very efficiently and very quickly. We had a very quick increase in the geopolitical risk premium just after the attack of Israel. It went all the way from one to two U.S. dollars per barrel to 10 U.S. dollars, just in a couple of hours. And then it stayed at the level for two or three days until it became clear that Iran was not going to retaliate significantly after the U.S. attack on the three nuclear sites. So the key takeaway this time around is that the market has really become extremely efficient in incorporating information. And for the most part, the information is readily available for most of the traders around the world."; FILE: Isfahan, Iran - Nov 9, 2023 [SHOT OVERLAYING SOUNDBITE] 3. Various of oil refining facilities; [SHOT OVERLAYING SOUNDBITE] 4. Various of oil refining facilities, workers; New York City, USA - Recent 5. SOUNDBITE (English) Claudio Galimberti, Chief Economist, Rystad Energy (partially overlaid with shot 6/ending with shot 7): "So back in the 80s, right? And even more recently, when we had the war in Iraq, the geopolitical risk premium 20 years ago was much higher for much longer. There is need to establish a secure supply chain; oil and gas, and to some extent, renewable. Let's not forget the renewables right now enter the energy security in the sense they have become a source of energy security, especially if you can produce them in a very efficient way like China is doing for instance, right? China has invested a lot in renewable as a form of energy security."; FILE: China - Exact Location and Date Unknown [SHOT OVERLAYING SOUNDBITE] 6. Various of wind turbines; [SHOT OVERLAYING SOUNDBITE] 7. Various of solar panels; FILE: Sichuan Province, southwest China - Exact Date Unknown 8. Aerial shot of Yalong River; 9. Various of hydroelectric power plant. [Restriction - No access Chinese mainland/Al-Arabiya/Persian language TV Stations outside Iran. Strictly No Access BBC Persian/VOA Persian/Manoto TV/Iran International TV]