I don't think CPEC meaningfully constitutes an access path for China to the Persian Gulf, mainly due to the limited scale of transport infrastructure between China and Pakistan (essentially it's just the Karakoram Highway). I also think China is, at least for now, likely to seek de-escalation of the situation. In that context, interesting to see the AIIB announce a $750 million loan to India, followed very shortly by $500 million for Pakistan.