Geopolitical Risk and Energy Markets: Past, Present, and Future

Laura Chiaramonte, Federico Mecchia, Andrea Paltrinieri and Alex Sclip

Journal of Economic Surveys, 2025, vol. 39, issue 5, 2233-2253

Abstract: Due to the most recent geopolitical events, such as the Russia–Ukraine conflict and the war between Israel and Hamas, geopolitical risk (GPR) and energy markets have been at the forefront of the academic debate. To identify the evolution of the literature inherent to GPR and energy markets, we conduct a meta‐literature review—that is, including both qualitative analysis (the content analysis) and quantitative analysis (the bibliometric analysis)—with regard to a selected sample of 72 papers from the period 2018 to March 2023 (March included). We perform the co‐citation and co‐authorship analysis and we also identify five main research streams as follows: (1) “Oil and uncertainty in different scenarios,” (2) “Uncertainty, resources and energy,” (3) “Geopolitical risk and oil from a broader perspective,” (4) “Oil, metal markets and uncertainty,” and (5) “Uncertainty and the oil market: a geographic perspective.” Finally, we also identify the future research perspectives. Given the increasing interest in the topic in question, our work proves to be of great interest to researchers and scholars, since it identifies the past, the present, and the future research perspectives of the topic considered.

Date: 2025
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