Oil and global markets are getting hit as Trump threatens Iran and 80 countries roll out emergency energy measures — bad for consumers, supply chains, and developing economies.

• Asian markets fell after Trump warned Iran that "time is ticking," stoking fears of an oil supply shock heading into summer.
• The IEA says 80 countries have put emergency energy measures in place, and poor countries can no longer afford the fuel subsidies that shielded their people from high prices.
• US gas prices are high and diesel is higher, which feeds into supply-chain costs and pushes up prices on everything.
• Borrowing costs are rising worldwide — South Korea's rail operator is hiking fares for the first time in 15 years to cover debt and energy costs.
• A new front is opening with Cuba, where US intelligence says officials are discussing drone defense plans as relations keep getting worse.

Outlook: Oil and consumer prices will likely keep rising into summer unless the Iran standoff cools, with the most pain falling on developing countries that can no longer subsidize fuel.