President Donald Trump says the US Navy could begin escorting commercial vessels through the Strait of Hormuz if necessary, as tensions with Iran escalate. Posting on Truth Social, Trump also called on the United States Development Finance Corporation to provide risk insurance to protect maritime trade operating near the Persian Gulf and Gulf of Oman.
The warning comes after a senior figure in Iran's Islamic Revolutionary Guard Corps threatened to target and "set on fire" ships attempting to cross the narrow waterway, a crucial global oil transit route. Roughly 21 million barrels of oil per day passed through the strait in 2022, according to US data.
Following US strikes on Iran last week, shipping traffic through the strait reportedly fell by about 70%, stranding tankers and rattling energy markets. US gas prices rose by an average of 11 cents on Tuesday, underscoring the economic risks of further disruption in one of the world's most vital energy chokepoints...
As he states on Truth Social:
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.
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. The United States' ECONOMIC and MILITARY MIGHT is the GREATEST ON EARTH — More actions to come. Thank you for your attention to this matter! President DONALD J. TRUMP