The Iran conflict is likely to result in higher prices for energy in the weeks ahead, unlike previous oil price shocks. This follows a shift in global energy markets over the past two decades. The U.S. has been a net exporter of oil for the last half-decade, reflecting the fracking boom of the 2010s. However, higher oil prices could shift economic activity among different sectors and regions, making it good for oil-producing regions like Texas, Oklahoma and the Dakotas, and bad news for the Northeast and West Coast. This is a contrast with past instances of Middle East crisis, which caused surging energy prices that significantly damaged the US economy and caused serious stagflationary shocks. The early read of markets is that this will amount to a moderate hit for Europe and an even smaller one for the US.