The Strait of hormuz isn’t just about oil. This is important to recognize.
Liquefied Natural Gas – this would affect quite a few countries. Electricity prices would spike globally. Some countries would face a crisis within weeks.
Petrochemicals and Industrial Chemicals – this affects sulfur, sulfuric acid, ammonia, methanol, ethylene – and these are used for fertilizers, batteries, electronics, mining, pharmaceuticals, and more.
Fertilizer supply along would disrupt crop cycles and food prices globally.
Aluminum and Industrial metals also flow heavily through here for exports. Critical for construction, aircraft, cars, and electronics.
Even a temporary disruption of a few weeks could trigger massive commodity price spikes, because supply chains run on tight timing.
Oil is just one of many things all of this will affect.