I have asked before, why doesn’t Dubai/Oman go up on the peninsula where there are areas that are less than a mile wide and dig a new canal from the Persian Gulf to the Gulf of Oman and bypass the Straits? No locks needed just cut some rock.
That would give an alternate transverse path through safer waters and de-nut Iran trying to control the Straits, not to mention income. It would all be in territorial water. Ships would hug the coast all the way up and back out into the Gulf of Oman.
The northernmost section of the UAE is only 25 miles wide.
I would guess IF they dug a canal that Kuwait, Iraq, Qatar, Bahrain would all help pay for it. Or the UAE could pay for it in tolls in a few years.
In the interim, all of those countries are all building pipelines to move their oil & gas directly to the Red Sea, Gulf of Oman or through Syria & Turkey to the Mediterranian.