Wars in the Middle East and Ukraine have knocked out a big chunk of the world's oil supply, and that's bad news for gas prices, food, and the global economy.

• Fighting around Iran and Russia has choked off a large share of global oil, pushing Brent crude above $100 a barrel.
• The Strait of Hormuz, which carried 20 million barrels of oil a day, is effectively closed, and new pipelines can only replace a fraction of that for years.
• A food crisis is brewing too, since much of the world's fertilizer comes from natural gas and also passed through Hormuz, so prices are spiking and supply is short.
• Claims that the U.S. is "energy independent" don't hold up, because oil is a global market and U.S. refineries still need imported crude.
• Trump is moving more troops and military assets into the region, signaling he wants to escalate against Iran rather than end the war.

Outlook: With Trump escalating and pipeline fixes years away, expect oil prices to keep climbing and food and energy shortages to worsen worldwide.