Hypothetical oil scenario for Cold War?

This is a little scenario I thought up in Cold War-Hot War strategy. This is entirely hypothetical. So lets say NATO gets involved in World War III with the Warsaw Pact in the late 1980's, and thus far, no nukes have been used. The Soviets instead take Iran and its oil, along with its allies taking Kuwait for oil as well. The Red Sea and Persian Gulf oil routes are completely threatened by communist Ethiopian forces and Soviet fighters. To top it all off, uming Soviet bombers can reach the oil in Alaska, is there enough oil left for NATO to fight a war, or surrender due to the situation? Again this is entirely hypothetical.