Not really. If we only need it for petrochemical products, like medical plastics etc, losing 20% of available crude globally is a non-issue.

We can probably stand to use a lot less plastics too. Outside of medicine it's mostly replaceable, and reducing our usage to less than 80% of current usage would be trivial if we didn't burn it for energy.

In that scenario Iran can keep their strait. We won't need them.