That sort of blockade would definitely not work for the reasons provided. What they could do however, is hunt down ships shipping oil from Iran and shipping items to Iran from further away than Iranian drones and missiles can target.

The problem with this is that it will further exacerbate the global energy crisis and piss off multiple countries benefiting from Iran's exports. Iran can also respond to this kind of blockade with strikes on US and US allies assets elsewhere to inflict harm, while continuing to keep hormuz closed. That's assuming China, Russia or another country doesn't apply pressure or send its own ships to help transport Iranian oil and trade, which the US could not target without it being an act of war it can't afford.

So this is really not a good option from multiple angles.