Trump announces United States will offer insurance and naval escort in face of Iranian blockade of Strait of Hormuz

Donald Trump announced that the United States will ensure the safety of ships carrying energy in the Middle East. In the face of the closure of the Strait of Hormuz by Iran, the only maritime passage from the Persian Gulf to the open ocean and key to energy transportation, the Republican president announced measures to offer guarantees to ships against threats from Tehran.

Following the joint attack by the United States and Israel on Iran, which took place last Saturday, the Persian country announced that it will prevent commercial vessels from passing through Hormuz. The situation caused great energy uncertainty and a sharp rise in oil prices that dragged the stock markets down in recent days.

In this context, Trump posted an emergency solution on his Truth Social account. According to his message, he ordered the U.S. International Development Finance Corporation (DFC) to offer political risk insurance and financial guarantees to vessels transporting goods, especially energy, through the Persian Gulf. The coverage will be provided "at a very reasonable price" and will be available to all shipping companies.

He even mentioned the possibility that the U.S. Navy could escort ships to avoid possible attacks by Iran, which has already announced the closure of Hormuz, one of the most important strategic points worldwide.

"Effective IMMEDIATELY, I have ordered the United States Development Finance Corporation (DFC) to provide, at a very reasonable price, political risk insurance and guarantees for the Financial Security of ALL Maritime Trade, especially Energy, traveling through the Gulf," the president wrote.

"This will be available to all Shipping Lines. If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible. No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD," he added.

As for the global importance of the Strait of Hormuz, through it passes approximately 21% of the oil consumed worldwide, as well as 23% of the liquefied natural gas (LNG) consumed globally. For example, through that narrow corridor passes all the oil production of Iraq, Kuwait and United Arab Emirates, and two-thirds of that of Saudi Arabia.

One of the countries most affected by the Iranian shutdown is China, since it consumes a good part of the energy transiting through Hormuz.