What would happen to UAE and global energy markets if Iran closed the Strait of Hormuz?

Tensions between Iran and Israel have renewed fears of a closure of the Strait of Hormuz, a vital energy artery for global oil and LNG trade. A blockade could trigger soaring prices, disrupt global supply chains, and spark inflation. While Gulf nations and global reserves offer some buffer, prolonged disruption would strain economies worldwide and heighten geopolitical and market instability.