Could the worst be yet to come? Oil prices continue to rise on the international market. As one might guess, this is due to the war between Russia and Ukraine on one hand, and the conflict between the United States and Iran on the other. Two confrontations disrupting oil production and markets. Russia is the world's third-largest oil producer, behind only the United States and Saudi Arabia, holding 10% of global production with 9 to 10 million barrels per day. This capacity has been severely impacted by Ukraine's targeted strikes, which have destroyed several Russian production and storage units through drone attacks. As a result, shortages are driving up fuel prices and necessitating fuel rationing. A surreal scene. It is clear this situation reverberates worldwide. In Europe, fuel prices are climbing and reaching record levels, surpassing the 2.50 euro mark. Unprecedented, even during the 1973 oil shock. The Iran-United States conflict complicates matters further. In response to U.S. bombardments, Iran has closed the Strait of Hormuz, through which a large portion of cargo ships and tankers pass. The number of vessels using this channel has dropped from 140 to 4 since the strait's closure. Ships must seek alternative routes, increasing transportation costs and delivery times. Oil prices are soaring worldwide. Yemen is adding to the crisis by also locking down the Strait of Bab el-Mandeb, an ultra-strategic maritime strait connecting the Red Sea to the Gulf of Aden. It separates the Arabian Peninsula (Yemen) from the Horn of Africa (Djibouti and Eritrea). It is a global economic chokepoint through which vast amounts of maritime commerce and oil transit. Yemen controls passage through this strait by controlling surrounding localities. Yet 12% of international trade and 30% of major container ships use this route between Asia and Europe. Ships must circumnavigate the entire African continent via the Cape of Good Hope. The closure of the Strait of Bab el-Mandeb deprives markets of a major share of global hydrocarbon flows, given that over five million barrels per day pass through it. An oil shock seems inevitable. Madagascar will not escape the consequences, directly or indirectly. Obviously, there are other suppliers unaffected by this closure. The State, through SPM, has anticipated this by sourcing from Nigeria. This illustrates South-South cooperation that can be realized in other sectors. This is at least the goal of the AfCFTA, the African common market. There are many oil-producing countries to turn to, such as Angola, Gabon, and Algeria. But the fear of shortage is real, even if it does not stem directly from the various wars. Rather, it concerns storage tank capacity. With demographic growth and increased consumption, building a new storage facility is an absolute necessity. A project for a new station was launched in 2018 in Ambohijanaka. Work unfortunately stopped at the earthwork stage and was abandoned with the regime change. Indeed, hydrocarbon management reform is part of the 'Fanavaozana'. Wait and see.