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Possible Reasons for Shortness of Breath (Normal O2)

Anxiety or Panic Attack: Can cause hyperventilation, creating a feeling of breathlessness.
Heart Conditions: Heart failure, arrhythmia, or valve problems.
Lung Issues: Asthma, COPD, bronchitis, pneumonia, or pulmonary embolism.
Structural Factors: Stiff lungs, fluid buildup, or scarring (pulmonary fibrosis).
Other Factors: Anemia, extreme fatigue, obesity, or lingering effects of COVID-19 ("long-hauling").