"The Strait of Hormuz" is a nightmare threatening global oil supplies.. What if Iran closes it?

In each escalation of conflict between Israel and Iran, the nightmare of the Strait of Hormuz looms over the global oil markets, serving as an economic pressure card held by Iran to be used if cornered. Today, with tensions escalating, the Strait of Hormuz returns to the forefront as one of the most prominent geostrategic threats in the world. Closing this strategic maritime passage, through which a significant portion of global oil exports pass, poses potential risks if Iran follows through on its threats. One of the major concerns lies in the Strait of Hormuz, a vital maritime passage connecting oil and gas producers to global markets. According to the International Energy Agency, around 30% of global oil trade passes through it. Any disruption to traffic through this strait could lead to supply chain disruptions and energy price hikes. While Wall Street remains relatively calm, escalating tensions could impact US monetary policy. The Federal Reserve was expected to keep interest rates unchanged during its June meeting, but this escalation seems to reinforce this direction. Although rising energy prices may fuel inflation, the central bank may prefer to wait and observe rather than take steps that could worsen economic conditions. Iran, as one of the world's largest oil producers, continues to export significant amounts of oil despite Western sanctions, with most of its exports going to China, according to the International Energy Agency. Any major disruption to Iran's exports could prompt China to seek alternatives, reducing global supply and raising prices.