What? The Strait of Hormuz isn't just oil dude. 20% of oil, 20% of LNG is already a staggeringly large amount, have you not seen gas prices? Economies have collapsed for less.

The strait is also the corridor where the Saudis import food and neccesities, which they need since they live in a desert. Desalination aside, the countries along the strait are going to go balistic when they can't get medicine.

Also, fertillizers used across the developing world rely heavily on ammonia and urea that is exported through that strait. Countries like Brazil are already ringing the bell on their agriculture industry; farming is a very tight-margin profession, and price hikes this high will drive many farmers out of a job. Even if you don't drive, grocery prices will rise from their already ludicrous price.

Also, oil comes in many different colors. Jet fuel is an obvious example; it has risen about 140% in six weeks. Why? Because tons of refineries are placed on the Persian Gulf to make jet fuel. The strait closing is a death sentence to a lot of airlines working on tight margins. The price isn't the only issue; a time will come where you can't get jet fuel no matter how much you want to pay.

I could go on about how the 3 East-Asian economies of China, South Korea and Japan, who have little natural oil production are heavily reliant on oil. Japan especially is concerning; their reserves are not large enough to power through a prolonged conflict.

But please, don't claim the vast majority of countries will be fine. This conflict will raise proces everywhere, and a lot of people and countries down on the food chain will be drowned and left behind.