Bloomberg:

"The energy industry warns that the crisis is just beginning.
In conversations with more than thirty oil and gas traders, company executives, brokers, transportation companies, and consultants last week, the same message was repeated: the world has not yet realized the full severity of the situation.
...If the Strait remains closed, the world will have to significantly reduce oil and gas consumption — but not before prices rise to levels that will force consumers and companies to drastically cut back on air travel, car trips, and expenses."