Energy markets and enterprise risk profiles continue to be reshaped by geopolitical developments. Geopolitical risk impacts North American energy marketsDisruptions in global energy flows impact commodity prices and derivative products that drive North American production, pricing and investment decisions. Global supply constraints, transport disruption and shifts in international pricing are structurally increasing demand for North American gas, LNG and refined products. North American energy leaders are reviewing:Projects that enhance reliability, domestic supply and portfolio resilienceCapital allocation choices under uncertainty at higher volatility bands, not just base-case pricing2. Even isolated incidents can hit North American operations through shipping congestion, availability of insurance and rising transportation costs.