About 20% of the world's oil flows through the Strait of Hormuz, which is effectively closed right now. So far, the economy is coping by drawing down inventories elsewhere and praying that the strait reopens soon, but even then, crude oil futures are skyrocketing (up 50% in a week). If this lasts for a few months--and if a few oil tankers get blown up in the crossfire--this is going to be a repeat of the 1970's oil embargo. There is also the worry that the war is going to end up targeting and destroying a significant chunk of oil production facilities in the region, which will persist the energy crisis well beyond the end of active hostilities.

Combine that with the fact that the war is being led by a senile idiot who is unable to articulate a strategic purpose for the war in the first place and being prosecuted by someone who thinks that war crimes are aspirational, and you begin to understand that there is actually little prospect of this being resolved anytime soon.