The Middle East energy shock is entering a new phase. Crude has climbed again, and scarcity has shifted from raw supply to refining and shipping, pushing delivered fuel costs far above prewar levels as buffers thin. Europe is the most exposed, with low gas storage and a visible hit to growth, while the US is better insulated as a net energy exporter and Asia is cushioned by strong tech exports. Inflation is broadening, with higher fuel costs beginning to reach core prices, even as markets may be too hawkish on how much more the Fed will tighten. Stocks wobbled on an AI tech selloff, investors rotated toward defensive areas and Treasuries, and yields eased. The big picture is that energy security and electrification are becoming longer term themes. BlackRock favors selective exposure to energy infrastructure and short-term income over broad market bets. 

Finsum: When shocks linger, the winners tend to be investors who stay selective, earning income while they wait and owning the assets that make the energy system sturdier.