The Strait of Hormuz and Bab al-Mandeb are simultaneously two of the most important oil shipping lanes in the Middle East and the greatest potential sources of supply and pricing instability. This paper will trace the evolution of US, British, and UN policy towards these two vital waterways since the discovery of oil in the early 20th Century. This analysis will focus on the history of economic calculations, diplomatic maneuvering, and coordinated efforts to oversee their security, while at the same time searching for alternative transit points for Arabian and Persian oil supplies.