Iran War Disruption Could Spur Future Energy Dealmaking

Bill Swanstrom and Vaughn Morrison, partners in Troutman Pepper Locke’s Energy Practice Group, were quoted in the April 3, 2026 Law360 article, “Iran War Disruption Could Spur Future Energy Dealmaking.”

“In the short term, we could see a decrease in deal activity because no one likes to do a deal during uncertain times,” said Bill Swanstrom, a Troutman Pepper Locke LLP partner and veteran energy dealmaker.

In the longer term, if the conflict is resolved in a matter of months, Swanstrom said he expects a pickup in activity driven by higher commodity prices, infrastructure needs and risk premiums for U.S.-based energy assets.

Swanstrom emphasized that LNG export terminals and gas storage assets have been drawing increasing interest.

“Even if the war ended this week, it’s a reminder that energy security carries a premium. U.S. hydrocarbons are viewed as a more safe, stable supply, and that will drive long-term interest in natural gas infrastructure,” he said.

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Swanstrom said both private equity and public energy companies are watching these wells carefully.

“To the extent that there’s a belief that prices will stay higher, more DUC wells will get completed. It’s cheaper than drilling new wells, and it supports a longer-term view of supply and pricing,” he said.

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“We’re already seeing more interest in gas storage assets, both financing new builds and acquiring existing facilities,” Swanstrom said.

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Swanstrom said that even if the conflict ends quickly, there’s likely to be a lasting premium on U.S. natural gas and infrastructure.

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Swanstrom noted that natural gas infrastructure is a critical part of that mix.

“Data centers, particularly large language model-oriented centers, need 24/7 reliability,” he said. “That can’t be done with renewables alone today, so you see a combination of natural gas-fired generation and renewables.”

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Short-term oil price spikes may not directly influence long-term renewable project decisions, but the Iran conflict is sparking “a new narrative thread about what energy security means,” said Vaughn Morrison, a Troutman partner who represents clients in the development, financing, and management of renewable energy projects.

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“The renewable industry certainly will not hesitate to jump on that as one more fact weighing in its favor,” Morrison said.