If the Strait of Hormuz were to shut down for a matter of weeks or months, the European economies would grind to halt and Europe woulld likely return to the stone age as the US and other exports could not make up for the loss of petrol and other oil based energy products.
The military industrial complex would also grind and armies may be unable to function as modern warfare relies heavily on large amounts of petrol, kerosene and other petrochemicals.
From media
Concerns of a new energy crisis in Europe are growing as tensions in the volatile Middle East escalate and critical energy infrastructure for supplying the global market is at the heart of the Israeli-Iranian conflict.
Since last Friday, with the first Israeli attacks on Iran, oil and natural gas prices have risen sharply (7% and 6% respectively) and electricity prices in Europe’s wholesale markets have been on the rise since Monday, recording increases of 102.8% in France, over 31% in Germany, 51% in Hungary, 44.7% in Bulgaria, 44% in Austria and 40% in Greece, with the average price per megawatt-hour reaching 91.93 euros on Monday.
Starting on Wednesday, the impact of developments in the Middle East will also be felt by fuel consumers. Companies and gas station owners will pass on to consumers the increased supply prices from refineries, the first link in the supply chain directly connected to the international market. According to market players, gasoline prices at the pump are expected to increase by 20 cents from Wednesday and diesel by 36-38 cents per liter.
https://www.ekathimerini.com/economy/energy/1272539/fears-of-energy-costs-soaring/
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