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Which countries/regions would be hit hardest by this? Or is it more of a global shock?
The EU will be the most affected. The US is a big oil producer, and they're able to get oil from Canada as well. China and the rest of Asia can get oil from Russia, and there's also rail going from Iran to China now. The EU is the main region that relies on this route and doesn't have a clear alternative.
Western countries watching literally the rest of the planet not give a damn what happens to us (and by us I mean primarily Western Europe freezing into popsicles next winter when they struggle to buy fuel) and just pivoting easily to Russia and China:
"Are we in the wrong? Could we really be making a mistake?"
"No, it's the world that's wrong!"
Here's hoping Europe actually tastes its own medicine for once this time, if only for at least a second.