Long term impact of Iran war is that they expand UAE-Oman pipelines to bypass Hormuz.
And/or ramp up production in other countries not dependent on the strait. One way or the other the market will eventually react to stabilize prices, it just takes a while (years) for the infrastructure necessary to do that to be built.
This doesn't work as long as hostilities continue, since as we've seen so far, pipelines are extremely vulnerable to drone and cruise missile attack.