Brent reaching $80 a barrel is taking the headlines this week. Supply issues in Venezuela, sanction concerns from Iran, and lower inventories have all played their part in the rally. This has occurred with a rising dollar, making the rise in price more pronounced in other currencies.
Since the end of the first quarter Brent has rallied nearly 15% in dollar terms, this was amplified for other developed countries and especially acute in developing countries. In Turkey, where they are net oil importers, a strain on all stocks, bonds, and the currency have taken place. While there are plenty of political issues with the country at the moment that is shaking investors confidence, high oil prices will take a toll over time on the growth in the country.
There isn't much talk outside emerging markets about the price of oil having an effect on the overall economy yet. But looking at the countries oil prices in local terms, it would be easy to find the first to be affected.