The Gulf supply shock is driving up oil prices and it is starting to ripple through the market. Jet fuel has almost doubled. European airlines are mostly hedged, but US carriers are not, and United's CEO warned airfares will go up soon. Global indexes are taking varying hits based on their energy independence. Asia and Europe rely heavily on energy imports, so Japan and South Korea are down 10 to 15% and the DAX dropped 7%. The S&P 500 is only down 1.2% since the US is a major oil producer. Analysts think oil could hit $150 a barrel if this continues. The energy crunch is also threatening chip manufacturing in Taiwan, which could slow down AI infrastructure build-outs, and it is already driving up fertilizer prices just as US planting season starts.