The US can absolutely conquer or decimate Iran and has explicitly avoided targeting energy infrastructure or doing so (understanding that doing so gets us another Iraq or Afgahnistan) but it's not as if the US can't "take on" Iran it's that the US expected regime change in Iran rather than a dragged out war.

Iran doesn't need to conquer or hold Hormuz they just need it in missile/drone range - it's not symmetric.

As for the impact on the global economy - the entire world is letting Iran hold its gas/oil hostage because of something the US did. I'm not sure why those countries don't pressure Iran more they're not at war with them they shouldn't be embargo'd.

> The US can absolutely conquer or decimate Iran

Decimate? Sure. Conquer? Absolutely not.

Iran is a huge country with dispersed command and control and generations of people raised to hate the U.S.