Trump orders navy escorts, federal insurance guarantee to keep oil flowing through Hormuz
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The news: With crude prices surging and the Strait of Hormuz all but closed due to the US-Israel war on Iran, Trump said the US military would escort oil tankers through the crucial waterway and ordered federal backing for shipping insurance to keep global energy flowing.
Trump said the US military would begin escorting oil and gas tankers through the Strait of Hormuz “if necessary” and “as soon as possible.”
Writing on Truth Social, Trump said he had ordered the US Development Finance Corporation to provide political risk insurance and financial security guarantees for all maritime trade, especially energy shipments, transiting the Gulf, at “a very reasonable price” and available to all shipping lines.
What they said: “No matter what, the United States will ensure the free flow of energy to the world,” he wrote. “If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible.“
“More actions to come,” he added.
US oil pared gains after the announcement, dipping below USD73 a barrel in post-settlement trade.
The sources: Donald Trump post, Bloomberg
