The project aims to provide an alternative to the Suez Canal. The canal is planned to start from the Israeli port of Eilat on the Red Sea and follow the Jordanian border, bypassing the Gaza Strip.I do not think the straits will be such a strong trump card because people will transport energy pipelines from the straits to the Red Sea and from there to Israel in the Mediterranean.
Netanyahu: Iran's Actions in the Strait of Hormuz Were Unpredictable

Israeli Prime Minister Benjamin Netanyahu stated that Iran's actions in the Strait of Hormuz were difficult to predict. Israel could be considered an alternative route.Netanyahu said that predicting Iran's moves was impossible, but energy pipelines could be transported to the Red Sea and from there to the Mediterranean in Israel. A new waterway project that will connect the Red Sea to the Mediterranean is being worked on in Israel.
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