The oil and gas industry is built to manage geopolitical risk, but after three decades of relative calm following the collapse of the Soviet Union, the 2020s have firmly reintroduced disruption on both geopolitical and energy fronts. A new generation of industry leaders is having to come to grips with how to navigate multiple wars — both conventional and trade — that directly affect energy flows, alongside disruptions from a temporary global pandemic to the more fundamental breakdown of the postwar order, with state and other actors more assertive and erratic. In more immediate terms, the industry has repeatedly shown itself capable of preventing worst-case outcomes. But existential risks are mounting — and being left largely unspoken. This decade has seen three energy shocks: Covid-19 pandemic-led shutdowns (2020-21), the Russia-Ukraine war (launched in 2022) and the current Mideast war (launched in 2026). Yet the industry navigated the pandemic's global shutdown without overfilling storage or crippling its ability to restart production. "Lost" Russian oil production following Moscow's invasion of Ukraine was a small fraction of analyst predictions. And while refined products supplies are rapidly tightening during the Mideast crisis, dire predictions continue to be pushed out. More sophisticated trading operations have been among the industry's sharpest tools to navigate the string of crises.