Well yes, Trump can do lots more damage to Iran, but Iran will do the same to KSA and Gulf States infrastructure. The Strait will be open, but there won't be much to ship for quite a few years.
KSA and the Gulf States have recently denied Trump airspace for offensive operations and may do so again. That doesn't mean that Trump will always respect airspace denials.
It's recently reported that Israel has established two bases in Iraq. Certain folks in the Iraqi government and military are denying knowledge. Self preservation may motivate the denials.
It's also possible that Trump and Israel will simply help themselves to Iraqi airspace.