Fossil Fuel Exit Talks Launch in Colombia as Oil Surges on Hormuz Closure

The Transitioning Away from Fossil Fuels conference kicked off on April 24, 2026, in Santa Marta, Colombia, with 54 governments representing ~20% of global fossil fuel production and ~33% of demand, driven by frustration over COP stalemates. Initial reports noted ~60 nations, including producers like Colombia and Nigeria, aiming to bypass UN talks with roadmaps for renewables and debt relief. Amid Middle East conflict closing the Strait of Hormuz—through which 20% of oil passes—prices have spiked, offsetting long-term demand destruction risks from solar growth and EV push. This creates short-term volatility and policy overhang for WLDOIL.