I have considered this for some time - an obvious alternative. However, you understand that the Straits of Hormuz are 👉 20 miles wide! To duplicate that would be a mammoth undertaking. A 'canal' would slow traffic to a crawl. The Suez Canal eliminates the long trip around the bottom of Africa, but it probably slows traffic about as long as the rounding of Africa - it is just cheaper to wait it out.
Concerning the Straits of Hormuz - it is likely cheaper to attempt to change the rogue regime in Iran - to be determined.
I guess I wasn’t very clear.I think the straits are actually 29 miles wide but a canal does not need to be more than a 1/2 mile or so wide much less 20 miles. I was talking about a Panama Canal type of venture.