“The year 1848 was the turning point at which modern history failed to turn,” as Cambridge historian GM Trevelyan wrote. In future, we may look back on 2026 as the historic energy shock, which failed to shock us. The frightening statistics are well-known: 20 per cent of global oil production, 20 per cent of liquefied natural gas, and major shares of other crucial commodities such as fertilisers, aluminium, petrochemicals, methanol, helium and sulphur were cut off.