Oil is the head of the snake for terrorist Saudi. Cut it off, the beast dies.
China will not mind the price increase from Iran. I am sure Putin has a smile on his face, European Union just got a price increase.
You'll see increased push for "green" in Europe.
I'm not worried. I can convert most any gas powered vehicle to burn alcohol. Easy to produce that. Much cheaper than gas too, about $10 per 100 gallons. Just don't do it in the house.