Not to mention that having the Chinese navy in there would not be much different from having a bigger, better equipped Iranian navy and higher likelihood of negative unintended outcomes. Having multiple navies in the mix would almost guarantee additional problems.
It is a lot different now compared to just 10 years ago. Many importers of oil can produce their own energy when the marginal cost of renewables (either solar or wind) is below the marginal cost of coal. Cannot ignore that change in fundamental cost in deciding how best to spend US taxpayer monies now. The Great Game has become a Lesser Game.