It feels a lot like the early days of the pandemic in that way, with a kind of denial that can happen. "Maybe it will pass > it's affecting some people but just how bad is it, really? > maybe it will stay isolated to some regions > maybe we should try to prepa- oh fuck it's here."

Not quite the same kind of situation. Because it's going to impact some regions more than others, depending on how dependent they were on this distribution of oil. But the snowball effect nature of it seems similar.