Long-term closure of the Strait of Hormuz would trigger a worldwide recession, which would include the United States.
Widely reported has been the statistic that about 20% of the world’s crude oil production flows through the Strait of Hormuz. And oil amounts to about one-third of the world’s energy production.
However, the money transfer will be a significant secondary effect. Consumers will pay more for gasoline, and indirectly they pay more for the diesel fuel that delivers products to stores or directly to homes.
Given time, we can find more energy. Some would come from increased oil and natural gas production elsewhere.
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Long-term closure of the Strait of Hormuz would trigger a worldwide recession, which would include the United States. At the time of this writing, the outcome of the Iran war is impossible to predict, at least for me. But
