The strait is being held hostage for leverage in talks between Tehran and the US. I would think that the US and the Gulf states could threaten to raise funds to build a half mile wide canal through Oman/UAE, which would completely take this leverage point off the table from Tehran in the long term. The energy market would no longer be subject to the whims of Tehran and and energy prices would be more stable. The Winners in such a strategy would be all gulf nations other than Iran plus Europe, China and India which have a much higher energy dependence on the Gulf compared to the US.