The Strait of Hormuz is closed for the foreseeable future and Kuwait, Qatar, Bahrain, Iran, and possibly several others have already had their oil infrastructure hit and set on fire. We just had ~20 million barrels of oil per day get taken off the world market, and if the blockade continues long enough they'll have to start shutting down all the oil fields when storage starts running low. Once the oil fields are shut down they'll take weeks to months to restart production. Oil will not be available at any price.
What we have here is what Iain M. Banks refers to as an Outside Context Problem in his Culture series novels.