The Globe and Mail reports in its Saturday edition that the mess in the Middle East has awoken powerful threats that can menace every corner of the world economy when the supply of oil is at stake. The Globe's Tim Shufelt writes that airfares are already on the rise, gasoline prices nationally are up by 25 per cent and food inflation will not be far behind. You could even end up paying more on your mortgage. Interest rates, currencies, commodities and stocks have all begun to put a price on the worst oil supply disruption on record. No real signs of distress, though, from a situation that would seem to warrant it. While the world has changed a lot in the past couple of weeks, the stock market has not. Since the conflict erupted, U.S. stocks are down by just 4 per cent. Canadian stocks have lost 5 per cent. No one should trust this calm. It is wildly out of proportion to the economic upheaval taking shape. "If you're running full risk right now, on any market, in any direction, you're certifiably insane," said Adam Butler at ReSolve Asset Management. Oil remains the lifeblood of global industry, and a major disruption to its supply is a fearsome thing as it is both recessionary and inflationary at the same time.