Iran: What does the closure of the Strait of Hormuz imply?

Following the attacks by the U.S. and Israel on Iran, reports were received about the closure of the Strait of Hormuz. About 20% of the world's crude oil passes through this strait, making it vital for exporters like Saudi Arabia, the United Arab Emirates, Kuwait, and Iraq. Its blockade threatens to drive up oil prices and have a strong impact on the global economy.