High-priced oil has been affecting my business for the last 2 years! I’m in manufacturing, and the cost of bringing in goods has gotten very expensive. In some cases, the frieght and the value of the raw materials are equal costs.
Of course, when we produce the finished goods, the freight is often as high or higher than the goods, so all my customers are paying more too.
As for the raw goods, they are costing more also because those vendors have been affected.
All the way up the line, we are all affected by it.
I’m not necessarily sure higher oil costs are a bad thing because it means we are paying more realistic prices and it certainly makes us conserve more. (Both in business, and as consumers.) Plus, if I’m paying more, so are my Chinese producers/competitors, so both of raising our prices is ok, as long as we’re both raising them.
Ultimately, consumers will be paying more for their goods (if they aren’t already.)
As for the other effects of the conflict, I think it creates a huge amount of fear in our culture, and in general a buying environment turns into a stalled environment. Everyone goes into “let’s wait and see what happens” mode.