There’s a lot less dependency on the Strait of Hormuz than there was 15 years ago. The UAE has a huge pipeline that runs from Abu Dhabi to Fujairah which bypasses the Strait. About 1/2 of all the UAE oil exported can be routed thru this pipeline. The UAE also recently completed their freight rail network which can run tank and container cars to Fujairah. Saudi Arabia can send their oil exports west to Jeddah. Kuwait, Bahrain, and Qatar remain blocked - but Iran is by far hurt the most with the Strait closed. Iran will run out of breath before anyone and they’d likely see pressure from China to keep the Strait open.

Not saying that it’s no big deal, but it will not bring the global economy to a halt that’s for sure.