If there is one prevailing misconception about the war in Iran, it is the idea that the closure of the Strait of Hormuz will hurt the US the most. This is simply not the case. In reality, only around 7% of US oil imports actually travel through the Hormuz to get to American markets. The potential long term instability in the strait is far more damaging to economies in the East, and by extension, Australia faces potential crisis.
Source: Australia Has One Month Before Energy Crisis And Fuel Rationing