Geopolitics remains key when analysing energy markets. Russia's invasion of Ukraine in February 2022 abruptly changed the price situation in the markets, especially in Europe. In 2025, the prolongation of the Ukrainian conflict, together with the situation in the Middle East and trade tensions between the United States and China, have been key to understanding the evolution of prices.

In this webinar, the "Repsol Energy Statistical Yearbook 2025" will be released and the recent and foreseeable evolution of the energy markets will be discussed, focusing on the markets for crude oil, natural gas, electricity and CO2 emissions, taking into account the current geopolitical context.