Will the storm in Gulf affect the life of people in other parts of the world

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Hi, there was big storm in the Gulf region of Oman and Iran. Since a large portion of the world's crude oil supply comes from here, do you think common man's life will get affected because of such things in this region like a hike in fuel prices and hence a price hike in everything.. etc.. I think countries like India(my country) are affected. Apart from crude oil, also there are many people from our part of the country working in the gulf region.