Comment by Tangurena2

1. There is only a narrow passage through the strait which is "navigable" (meaning deep enough for supertankers - many are too big for the Suez Canal). This passage is within artillery range of the coastal mountains along the strait.

2. Now that the region is a "war zone", no insurance company will cover ships entering/transiting the strait. This was an issue during the Iran-Iraq war only solved by US Naval vessels escorting tankers. At that time, hitting a US ship would have started a war. This time, the US is an active participant in this war and every ship escorted by US ships would be a valid/legitimate military target. Shipping companies work on razor thin margins and cannot afford the risk themselves. Losing one ship (or it being out of service for months due to missile strikes) is an existential threat to the smaller shipping companies.