Naval strategy without Suez or Panama

How would naval history change if neither the Suez nor Panama Canal existed?

The US Navy would split between oceans, Britain would emphasize Gibraltar and overland imperial routes, and pressure to build Suez would remain enormous.

The Panama Canal is the bridge that lets American naval power shift between oceans; without it, Atlantic and Pacific forces must be maintained separately. Removing Suez changes Britain's defense of India and reduces the operational value of the eastern Mediterranean route. Gibraltar becomes still more important because Britain can seal the Mediterranean rather than chase German ships toward a canal that does not exist. The answer also notes that the economic incentive is so strong that states would try to build at least Suez again.