President Donald Trump ordered the U.S. Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade moving through the Persian Gulf and said the U.S. Navy could begin escorting tankers through the Strait of Hormuz, steps aimed at keeping energy shipments moving as conflict with Iran pushes fuel prices higher.
"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," Trump wrote in a Tuesday post on Truth Social.
"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," he said.
"No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD. The United States' ECONOMIC and MILITARY MIGHT is the GREATEST ON EARTH — More actions to come," Trump said.
"Thank you for your attention to this matter! President DONALD J. TRUMP."
The move follows internal deliberations, as described earlier by people familiar with the talks, according to Politico, about whether to protect tankers transiting Hormuz and whether the U.S. government should help backstop insurance coverage as war-risk premiums rise and some coverage is reduced or withdrawn.
The Strait of Hormuz is a narrow passage between Iran and Oman that is a major conduit for global oil and liquefied natural gas shipments, and the prospect of attacks or disruptions there has rippled through energy markets.
The earlier discussions came as U.S. oil prices rose nearly $10 per barrel since the end of last week and the increase began filtering into gasoline prices, with pump costs poised to rise above levels when Trump took office last year.
Secretary of State Marco Rubio said Monday the administration would unveil a plan Tuesday to combat the rise in oil prices triggered by U.S. strikes against Iran, and he said, "We're going to destroy their Navy."
The expanding conflict has led to six American casualties and attacks on the U.S. Embassy in Saudi Arabia, prompting Iran to target various oil and gas sites. Qatar closed a key gas plant, Saudi refineries have been attacked, and Iran fired on ships in the Strait of Hormuz, which handles one-fifth of global oil shipments.
Treasury Secretary Scott Bessent and Energy Secretary Chris Wright were expected to meet with Trump on Tuesday to review proposals as the administration weighed financial and military tools to limit shipping disruptions and calm oil markets.
Reuters contributed to this report.
Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
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