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.

Hormuz sounds like a drink on Erewhon's menu