Commentators predicting an oil crisis following Iran closing the Strait of Hormuz are well wide of the mark. That is because Saudi Aramco has started shipping more oil out of its Red Sea facilities (see link). Furthermore, Egypt is offering its pipeline to move Saudi oil to the Med.
https://www.hellenicshippingnews.com/egypt-offers-sumed-pipeline-to-facilitate-saudi-oil-exports-amid-hormuz-closure/I've also seen predictions that some of the people in the Gulf states will starve. But anyone looking at a map will see that there is a land corridor to these states, and so food can get in to feed stranded tourists. The same land corridor could be used to evacuate people from Dubai, Doha and the like. Buses are starting to look mighty useful.
However there are some serious issues regarding the viability of the United Arab Emirates long term. Dubai as an airport hub could be lost. Ethiopia has been promoting Addis Ababa as a useful mid-point stopover, and they've commenced building a new international airport there.
Dubai's status as a tax haven sanctuary may be over too. The rich don't like adding bombs to the risk assessment. It'll be interesting to see how the large sovereign wealth funds based in the Persian Gulf fair now their economies are toast. This will massively impact the United Kingdom. Interesting times ahead indeed.
Iran appears to have lost its navy and air force, and this war will end when it runs out of ordnance. I give it another three weeks at this rate. Will China and Russia come to their aid? I doubt it as Russia has its own issues, plus it'll be selling more oil right now. China tends to be all talk, they've never won a war, and if they enter the fray, they too will lose their entire navy.
South Korea, Japan, South-East Asia and Oceania may experience the rapid onset of an energy crisis, and in Australia and New Zealand there seems to be little urgency. The latter two really do have useless leaders.