U.S. President Donald Trump said he has directed the United States Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade transiting the Gulf, particularly energy shipments.
In a statement, Trump said the coverage would be offered “at a very reasonable price” and made available to all shipping lines to help safeguard the financial security of vessels operating in the region.
He added that, if necessary, the United States Navy would begin escorting tankers through the Strait of Hormuz “as soon as possible.”
Trump said the measures are aimed at ensuring the free flow of energy supplies to global markets.
“No matter what, the United States will ensure the free flow of energy to the world,” he said, adding that further actions could follow.
The Strait of Hormuz, a narrow maritime passage linking the Persian Gulf to the Gulf of Oman and the Arabian Sea, is one of the world’s most critical oil transit chokepoints, carrying a significant share of global energy exports.
