The Iranians saber rattle all the time. Iran knows the US 5th fleet is also in the Strait. They do this to drive the price of oil up. It lasted a few days. The US sits on a huge reserve of oil.
A few years ago the saudi oil minister said only 18% of the worlds oil has been tapped. When I was a kid we were told the oil would be gone before the year 2000. It isn't. They just keep finding more & more. Fossil fuels will be around for a long time to come.
Gas would be cheaper if new refineries could be built.