Iran's recent forays into the Mediterranean through the Red Sea and Suez Canal should warn us of another option Iran might have to interrupt oil traffic. While we focus on the Strait of Hormuz, we could get blind-sided by an Iranian attempt to interdict the Red Sea and/or Suez Canal. Iran could lay mines in the Red Sea and increase the panic level in the West that could lead us to end a confrontation with Iran short of defeating Iran.
In 1984, Libya mined the Red Sea in support of their then-ally Iran. It was a one-off so we could handle the mine sweeping problem (with Operation Intense Look). Also, the Strait of Hormuz was still open for business despite the still-low key Tanker War going on between Iran and Iraq during their war from 1980 to 1988.
Remember, too, that Iran has courted Eritrea as an ally. Why else do that if not to gain a position to interfere with what we hope is our trump card of non-Persian Gulf oil routes to guard against an Iranian attempt to close the primary Strait of Hormuz route?
So don't neglect the threat that Iran could pose to Red Sea traffic. Warship, submarines, civilian ships, or aircraft could seed the Red Sea with mines and wreak havoc. Let's not even contemplate what Iran could do with a ship in the Suez Canal if it scuttles itself loaded with nasty surprises to hinder removal efforts--or even detonating the magazine of an old warship with enough of the crew on a suicide mission to set the bugger off inside the canal.
That's all Iran has to do to really put a scare into us, and we need to be prepared for Iran's efforts to demoralize us with unexpected actions before we can use our superior power to beat them. Iran has to count on frightening us away to avoid defeat. We can pass a gut check and go on to crush them, can't we?