Iran tried to demonstrate that they controlled the Strait by attacking shipping that didn’t go where they commanded. The US struck back at relatively low-value targets near the Strait.
There are some pipelines that go around the Strait of Hormuz, but they, and the ports they lead to, can’t handle the same load as the Strait. New projects to go around the Strait have been discussed, but are very expensive, while the Strait blockage will likely be temporary.
Ships are turning toward Iranian islands, checking in with Iran, and then moving on if they are one of the few allowed ships. Iran controls the Strait.
Militarily opening the Strait of Hormuz will be incredibly hard. Iran only has to get through once, the US needs to stop every weapon. It will require the great risk of putting a lot of forces close to Iran.
Iran is predictably limiting shipping in the Strait of Hormuz as a result of Trump’s attack on Iran, sending oil prices higher. Removing the Jones Act won’t move the needle while the war drives oil prices higher.
Shipping in the Strait of Hormuz is limited, but not closed. In the Red Sea, shipping could go a longer way around, but there is no alternative route for shipping in and out of the Persian gulf. This will likely increase the price of oil.