The closure of the Strait of Hormuz is highlighted as the "very big unanswered question" of the conflict, having a "huge impact on oil markets" and being an "economic pain point." Experts state the strait "has to be open before anything happens" and that energy shocks will hit Europe first and then the U.S. The strait is a critical global chokepoint for oil transit. Its status is unresolved, and failure to reopen it will lead to sustained high oil prices and global economic ramifications. Its unresolved status is a direct, high-stakes variable for global energy markets and inflation, making it a critical macro factor to watch closely. A swift, negotiated reopening of the strait that alleviates market pressures.