usually in history rapid increase in oil prices accelerates the end of a business cycle and the start of a recession follows
we are already in the late stage of a business cycle. so far the Fed managed to achieve a "soft landing" but that is all toast now.
every day the Strait of Hormuz remains closed, is good for Iran as oil and gas prices will continue to rise. in a few more weeks, UAE's oil storages will be at max capacity and they will have to shut down production too, following Kuwait and Iraq.
not to mention the kinetic attacks against oil and gas facilities, which can make things 10x worse.