I don’t think that’s it. Iran has demonstrated an ability and willingness to strike the equivalent infra in the gulf states, including the very vulnerable gas liquefaction facilities in Qatar. If the US destroyed their oil infrastructure, all that infrastructure goes. Hormuz would be irrelevant, there’d be almost nothing to ship through it. Plus given the long term reductions in the gulf supply already from damage, the world now needs Iranian oil.

That’s why Trump has allowed Iranian oil already outside the gulf to be sold, was willing to drop oil sanctions on further Iranian shipments, and was so panicked when Israel hit an Iranian oil facility.