An embargo is certainly not the only possible reason for a market disruption. The oil and gas markets could be affected by natural disasters, such as hurricanes that shut down refineries or earthquakes that damage pipelines. Drought would disrupt biofuel supplies, and all energy markets could be affected by labor conflicts, acts of terror and so on. The key point is that the more limited the sources of supply the larger the impact these sorts of problems (and others) would have on the nation’s ability to meet its energy needs.
Read more at The Energy Collective.