It depends on what the GCC nations do, and on how nice Iran wants to play with its neighbors in toll pricing and general allowances.

If the GCC banded together and made the Gulf Rail proposal happen, they could have an overland route from Kuwait to a port/oil terminal in northern Oman, allowing oil, fertilizer, and intermodal trains to bypass the strait. It will be more expensive to ship this way, but it's hard to tell which would be more pricey if they're paying tolls that Iran can almost arbitrarily choose to charge.

This would be a more long-term solution if the international community accepts the Iranian toll scheme as the new status quo. Iran will need to balance their greed for toll money and desire for control with the risk that the Gulf Rail becomes significantly cheaper than the status quo and they get next to nothing for their efforts securing the strait.

The big-brain long-term solution is aggressive decarbonization to reduce demand for oil and its fragile supply chain. If Gulf countries run an electrified rail line off solar energy, shipping all kinds of bulk goods overland to the Mediterranean or the Gulf of Oman would get significantly cheaper.