In this round over the Strait of Hormuz, the conflict has already begun to be settled by oil prices.

The US has reimposed sanctions on Iranian ports and targeted coastal defenses and missile facilities; the Iranian Revolutionary Guard then threatened that regional oil and gas exports will be either available to everyone or available to no one.
Brent crude has already climbed above $85 per barrel, up more than 15% from before the war.
Hormuz is now the switch through which the entire region is trying to push the costs of the war outward—it remains to be seen whether the US can find a solution during these days leading to a ceasefire.