There are reports of ships on fire in Straits of Hormuz, NASA data confirms there is fire detected in the area. The coordinates are right at the mouth of Hormuz. We might be entering into a terrifying tunnel right now.

This is developing right now btw. There have been no confirmations yet that hormuz has been closed.
This part is important because around 20% of the world's traded oil passes through Hormuz, a very thin road that connects Arabian sea to Persian Gulf. This is also one of the most heavily trafficked part of the sea. If this closes, the price of oil will skyrocket, everything you use will become more expensive.
The problem is, it is also really easy to close.

Oil isn’t really that scarce anymore. Slickwater fracking in America basically gave us multigenerational energy independence.

The United States is the world’s largest oil producer by a wide margin. We have to limit our production like OPEC otherwise prices would go to zero.