Rachel Lerman, Natalie Vineberg, Aadit Tambe American wallets and gas tanks are getting hit by a global energy crunch sparked by the war with Iran. The conflict has led to the effective closure of the Strait of Hormuz, a crucial waterway for the world's oil supply. That has severely restricted the movement of energy supplies. See how the closure of a waterway halfway around the world has pinballed into higher prices. The Strait of Hormuz has been mostly shut to marine traffic for two months.