The prize for the Gulf states is Europe. A pipeline across the Med to Greece will enable product to be shipped to Greece and Europe to compete with the Russians
Once ISIS has won the territory from the Med to Baghdad, the rationals will remove the wackos as they did in Egypt and have the route to the Med
There might be some action in the straight but it will not last long and it eill not cut off the flow
Some already exists to Italy, but insufficient capacity.