Whatever trade we get from there make it here instead. If we drill our oil and keep it here the world market doesn't matter. Trump proved that in term 1.Doesn't matter the price of oil is global. Doesn't matter where it's made, just matters how much there is vs demand.
Plus, that straight carries half of all global trade, not just oil.
If things get expensive in Europe the prices here will rise too. If they didn't people would just export it from here. OFC, that means the money would flow to us instead or someone else, so that's a good thing, but the price of oil and goods would rise anyway.
But, this is a major escalation that Iran can't afford. They are just begging *more* countries to get involved to change this.
The result of this may be that they lose their ability to close that straight.
Last time this went down with a strong US president they lost half their Navy in one morning.