Oil supplies will take years to rebuild after the Middle East conflict, and the cost is spreading into politics worldwide — bad news for consumers, governments, and anyone paying for shipping.

• Saudi Aramco says global oil stockpiles could take two years to refill, with billions of barrels lost since the fighting began.
• Shipping costs out of the Persian Gulf have exploded, and shippers are now paying sailors huge bonuses to sneak oil out.
• Spain's prime minister called a snap election after mass protests over evictions and unaffordable housing.
• Goldman is telling governments to cut spending as borrowing costs climb, while Trump pushes allies to spend more on defense.
• Trump threatened South Korea with higher tariffs unless it signs an Alaska gas deal Seoul says was never agreed.

Outlook: High oil and shipping costs will keep squeezing household budgets and government finances, making more elections about the cost of living.