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OfficialShipping, energy & marketsBackgroundWashington, United States

White House says Navy has escorted no tankers yet as U.S. offers $20B in ship reinsurance

Mountain Time
Local time
2:37 PM in New York
Where
Washington, United States

Press secretary Karoline Leavitt said the U.S. Navy had not escorted any tanker through the Strait of Hormuz, contradicting a quickly deleted post by Energy Secretary Chris Wright that had moved oil markets, though she said escorts remained "an option." The U.S. International Development Finance Corp. said it was providing $20 billion in reinsurance on a rolling basis to cover ships in the Gulf against political-risk losses.

Why it matters

With about 400 oil and product tankers idle in the Gulf, insurance and escorts were Washington's main levers for getting shipping moving again.

Sources (3)

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