America would be fine. We have the Americas and Asia to trade with, and Iran can’t restrict those oceans in any meaningful way.
Europe, the Middle East, Africa and non-China Asia would get screwed.
I think the main limit on them interfering with that shipping would be that China becomes unhappy with them, not that this is infeasible?
(Also, at these prices I don't think it will be limited to Iran, or even to nations, so countermeasures will need to be invented).