Seems to me that a conglomerate of oil companies could have funded a canal and reduce this risk a long time ago. Just around this choke point in global logistics.
"Just" is doing a lot of heavy lifting here.
They could cover some of the costs by running selfie trips to the Wadi Jizz.
One hopes that will be a moot point once the Islamists fall in Iran.
Good thing the Qataris have no influence over the American president /s