1) Oman and Iran both have territorial waters that extend into the center of the strait. See #3
  2) What is "non-US backed oil?
  3) Every country has the right to control their territorial waters.
  4) Governments have worked hard to erode people's privacy rights such that crypto is not as untraceable as people still think.
  5) ?
  5) ?
  6) Let it happen.

It was Jimmy Carter that established that the Strait of Hormuz would stay open, through the strength of the US military threat.

And now? The US is a paper tiger, making ridiculous threats via barely used social media platforms and then revoking them with just as little formality.

The US used to be a guarantor of safety on the seas. That appears to have been completely destroyed by the weak leadership in the US.

The one point I'll disagree with is that sanctions do prevent you paying Iran even with crypto. I mean, you can fund your own wallet and give money to Iran but you've technically committed a crime and a pretty serious one. It's also one that's fairly easy to document and prove that you did it.

Oh, also the impact of cutting the world fertilizer supply hasn't hit yet. That'll come later in the year when the harvests are down, primarily in the Global South. This will also impact food prices in the West so look forward to that.

Your last comment suggests weakening of the petrodollar. I don't know if you meant it this way but let me dispel that myth: the USD doesn't have strength and power because oil sales are denominated in dollars. You have it backwards. Oil trades are denominated in dollars because of the demand for dollars and the root of that is the US military.