Yes, it sure does

A number of hormones will cause a rise or even a spike in blood sugar

Adrenaline (epinephrine) and Cortisol are two of the biggies

Frustration, pain, fear, stress etc all cause an increase in the levels of those hormones which results in an increase of blood sugar - the liver releases stored sugar in response to their presence

That's why "chilling out" is really good medicine for diabetics