Trump says U.S. will insure maritime trade in Gulf amid Iran war – National

U.S. President Donald Trump said Tuesday he was moving to provide U.S. financial insurance and possible military support for all maritime trade, “especially energy,” travelling through the Gulf region amid the growing Iran war.

Trump posted on Truth Social he was directing the United States International Development Finance Corporation, a government agency, to provide political risk insurance “at a very reasonable price” to oil tankers and commercial trade ships in the region “effective immediately.”

“If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible,” Trump wrote.

“No matter what, the United States will ensure the free flow of energy to the world.”

The Strait of Hormuz was impassable for a fourth day Tuesday after Iran attacked five vessels, choking off a key shipping artery with threats to attack any others who try to cross.

The narrow sliver of sea in the Persian Gulf is vital for global trade. On average, a total of 20 million barrels of oil are shipped through the strait daily, according to the International Energy Agency, amounting to nearly a quarter of all seaborne oil trade.

The widening conflict has already led to a spike in oil prices due to dwindling supplies, representing a clear cost of Trump’s decision to strike the Iranian regime alongside Israel.

On Tuesday, U.S. oil prices rose more than five per cent to US$75.22 a barrel in afternoon trading. Gas prices in the U.S. and Canada have also shot up, according to GasBuddy.

Trump has made lower fuel costs for Americans central to his economic messaging, and the move signals a willingness to use financial and military tools to prevent disruptions to global crude supplies.

Trump told reporters earlier Tuesday that Americans may have to live with higher oil prices for a short period, “but as soon as this ends, those prices are going to drop, I believe, lower than even before.”

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Treasury Secretary Scott Bessent and Energy Secretary Chris Wright were expected to meet with Trump on Tuesday afternoon to present a list of proposals to address the issue and finalize a response, Reuters reported, citing two sources familiar with the plan who spoke on condition of anonymity.

Ship owners and analysts were uncertain that military escorts and insurance backstopping by the DFC would be enough to stop rising prices, however. The DFC, launched in 2019, is a government agency that partners with private investors to support projects in developing countries.

Rohit Rathod, a senior analyst with ship-tracking firm Vortexa, told Reuters that Trump’s measures may not be enough for wide and safe passage but that some ships could get through.

“The attacks could still take place,” Rathod said. “What is more realistic is that insurance stays high but we will have individual players making deals with the Iranians to get exemptions for their ships.”

The U.S. Navy occasionally escorts ships in sensitive waterways. There are also a number of multinational naval task forces that could be used to help, including CTF-152, currently commanded by Qatari forces.

 

—with files from Global’s Uday Rana and Ariel Rabinovitch, and the Associated Press and Reuters

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