There is no room or option for alternative sources of oil if Iran decides to cut off supply. The price may rise, but oil is of such existential importance to some, it is such a decider of the ability to wage war that any disturbance will probably start a conflict.
If Iran doesn’t have control over it’s oil, noone will.
Price elasticity in oil and the prediction some buyers would go ‘offline’ as was remarked by the World Bank is french for mass dislocation, suffering and chaos in areas that no longer have money to buy fuel.
This is the buyer turning into a mugger to get what he wants..either because there is nothing to pay with or the owner doesn’t want to part with the goods or the good is being competed for with equal force by others..
What if global food logistics ginded to a halt?
The usual strategy is a smear, accusation that warrants a lower standard : Iran has nuclear weapons, so it can be nuked. So in order to get the oil the illusion of equal force in using nuclear weapons is essential. The mugger tells the owner he is pointing a gun in order to justify shooting him to take his goods. The troublesome reality is that the US does not suffer more from mugging Iran than from not mugging Iran.
As said in the below video, the suicide approach is an option that can not be prevented. Blowing up wells was a method used by Saddam Hussein, who wanted to sell oil outside of US control (directly to Europe). So in order to keep oil flowing the west either risks being cut of completely or has to comply with Iran’s conditions.
The only country actively seeking a solution is Germany, a country that is building up enough renewable capacity to become independend of oil.