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Oil makes the world go round.
If Iran did attempt to close the Strait of Hormuz, the price of oil probably would skyrocket. At the same time, it would mean the complete and utter destruction of Iran. All the backing from Russia and China isn't going to help them when the entire Western World comes down on Iran.
Already in financial shambles and at a tipping point of financial collapse, the resulting oil prices if Iran closed the Strait (I read reports that estimated oil to reach $125-150/barrel if this occurred) would quickly bankrupt most of Europe if not "resolved" quickly.
That shipping lane is probably the best point of reference as to why we need to get off of Middle East oil. Renewable sources certainly aren't more economical at the moment, but there is something to be said for the potential boost in economic stability.
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