It's possible, in the short term, but eventually the only oil flowing thru the Strait of Hormuz will be Iranian oil, and perhaps not even that. Give countries enough time and they'll rather invest in building a way around Iran than giving them money for passage thru international waters.
Well even today you have the UAE and Qatar warning them not to do this. It’s likely to me that the fighting won’t stop until the situation is different, even if the US were to pull out today.