Yes it does, and yes it does! I choose to respond by not panicking, and continuing to use what I have and buy what I need or foresee needing in the future.
I am not running out looking for powders today, and I won't tomorrow either. IF I see a good deal on a powder I use AND I can afford to buy it then I will, otherwise no.
With the exception of new shooters and new reloaders, we've all known that shortages due to the Ukraine/Russia war were a real possibility. And now with the Israel/Hamas war, shortages have become "more" real. I was a new reloader 5 1/2 years ago, and got caught short a couple of years ago when the shortages happened. I've slowly built my stock up and can say it won't happen again. Anybody that's been shooting for a few years should know at least roughly how much ammo they need in order to have a years supply. Same for anybody that's been reloading for a few years.
I can afford to be wrong as well, but I'm still not going to go buying powder "willy nilly". I've been "overstocking for the last three years, little by little, as I could afford it on powders and primers. I did recently buy a pound of Bullseye for $52 just to try it, not because of any real or artificial shortage. I've read that it's good for the calibers I load.
I still need to put in an order for some bullets, but I also still have enough to keep me shooting for a good while at the rate I shoot.
chris