Lucid Motors warned at the end of February that Iran's throttling of shipping through the Strait of Hormuz has disrupted the supply of materials used in its manufacturing processes and could push raw material and component prices substantially higher. The Strait of Hormuz remains closed, and even if it were to reopen fully, supply chains could take months to return to normal.

"The conflict has disrupted the supply of materials critical in our manufacturing processes," the company said. Lucid said it faces the prospect of substantial increases in the prices for its raw materials or components.

Not all automakers reported the same level of exposure. "There has only been a limited impact from the Iran war," said Walter Mertl, finance chief at BMW. "We think it's temporary and we will have a solution soon," he added.

Stockpiles of materials and fuel have cushioned the economic impacts on businesses and people around the world. Natasha Kaneva, commodities analyst at JP Morgan, pointed to the role of crude reserves in absorbing the shock.

"Oil inventories have acted as a shock absorber for the global economy," Kaneva said. She warned that oil inventories could reach operational stress levels across the OECD as soon as next month.

Many businesses have tried to map different tiers of their supply chains since the coronavirus pandemic. Motorists across Europe have faced higher petrol and diesel costs, and some Asian countries that depend on Gulf oil have urged citizens to conserve energy or have resorted to rationing. European central banks have warned they may raise interest rates to constrain inflation.