> we didn't know how to pronounce hormuz until bombs started falling

I mean that might be true for you, but its been on the radar over here for a number of years. (it was also a key risk with Iran identified by a number of key intelligence think tanks. especially around the time of the anti-nuclear treaty negotiations)

But to your point, youre right its not an energy issue, its an energy and materials issue. There are lots of pre-cursor chemicals and products that come out of that region that the modern world needs to function.

The more pressing issue is the fertiliser price spike: https://ycharts.com/indicators/fertilizers_index_world_bank which has yet to fully mateirlaise.

You'll note that spike corolate with lots of civil unrest