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Summary: The Iran conflict is the latest in a series of geopolitical shocks exposing the concentration of global energy and critical mineral supply chains. At the same time, years of underinvestment and long project development timelines are colliding with growing demand for energy, electrification, nuclear power, grid expansion, and AI infrastructure. While resource-rich countries with diversified energy systems have historically proven more resilient, much of the world remains dependent on a small number of producers and refiners. In our view, these dynamics have important implications for commodity investing. More...