We're several months into the Iran war - why aren't we seeing very dramatic economic impact?

Obviously there has been a disruption - fuel prices have increased fairly significantly, and major secondary products (like Urea for fertiliser) have also risen significantly. But we aren't really seeing actual shortages. Things like aviation fuel, which were posited to be something that we would quickly burn through excess capacity of, remain widely available. Financial markets also seem relatively unaffected - obviously there is a lot of noise there (earnings and the fact that a lot of large companies don't have as much direct exposure to oil as they once did) - which seems surprising. What gives? Is there just a lot of excess capacity in the system and the media is overhauling the impact? Does fuel just represent quite a small proportion of operating expenses for most companies so it's only really manifested as a small profit decrease?