If they close it, those countries receive significantly less oil revenues. Everyone also sees less oil, but guess what--it's neither our oil nor our regime. My point is that I believe Iran hurts themselves and their neighbors by closing the Straits. Likewise, I believe having the Straits closed for weeks or months will cause significantly less oil speculation than attacking Iran and, like Iraq & Afghanistan, having it unstable for many years if not a decade or more.
We have oil here too and, some more interesting recent news, new nuclear reactors have been authorized for the first time in decades. We're not talking about reactor rebuilds or upgrades but entirely new reactors. Hopefully this paves the way to more of our own nuclear plants and thus cheaper power. Maybe we can stop burning oil.
I'm a very laissez faire--I think the government trying to save our industries by entering into a new war is a very bad thing, worse perhaps than even doubling or tripling the cost of gasoline and thus increasing other costs like electricity, food, and consumer goods.
If we attack the Straits of Hormuz, it'll be another preemptive war. If we simply seize the Straits, not all is well--we'll still need to fight inland from there, at least to take out their surface radar if not any artillery or other emplacements. Then when they start shelling our own positions, we'll have to bomb theirs. If they used light artillery and did intermittent shelling (like Hezbollah & Israel), we'll probably miss. Iran with Russia's or China's support means that they probably have access to up-to-date satellite imagery and can try targeting our ships off their coast.
I'm just saying that I think it'll get messy quick. Theoretically, if oil supplies decrease by 20%, we'll see a 25% increase in prices. It'll probably be a 50% increase since these ARE speculators we're talking about. But, how much will oil increase if we have another long engagement there? What if the war, like Afghanistan & Iraq, is more costly than expected? Since we can't really fund it, we'll be debasing our currency which will increase overall inflation and drive prices higher.