If they successfully mine the Strait of Hormuz, this price target is reasonable. No insurance will cover vessels attempting to transit the strait if mined. Sal Mercogliano Of "What's Going on With Shipping?" covers this in his latest videos [1]. Bloomberg has been covering this in great detail also [2].
[1] https://www.youtube.com/@wgowshipping/videos
[2] https://www.bloomberg.com/industries/energy