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OfficialShipping, energy & marketsBackgroundWashington, D.C., United States

Trump orders U.S. political risk insurance for Gulf shipping and offers Navy tanker escorts

Mountain Time
Local time
2:52 PM in New York
Where
Washington, D.C., United States

President Trump said he ordered the U.S. Development Finance Corporation to offer political risk insurance and guarantees for all maritime trade through the Gulf, especially energy, and that the Navy would escort tankers through the Strait of Hormuz "as soon as possible" if necessary.

Why it matters

It was Washington's first concrete step to restart traffic through Hormuz, which normally carries about a fifth of the world's oil and had nearly stopped after Iranian attacks on ships.

Sources (2)

Confidence: Stated by a named government, military, or institution. Not independently confirmed. About confidence labels