Chubb set as main U.S. insurer for Persian Gulf shipping amid Iran war
CNBC
The insurance giant will work with the U.S. Development Finance Corporation to help backstop shipping.
Insurance giant Chubb will be the lead underwriter for a U.S.-government led program to provide insurance to ships making the risky transit through the Strait of Hormuz.
Chubb will work with the Development Finance Corporation as part of a $20 billion plan to help get oil tankers and other commercial traffic moving again amid risks from the Iran war, the agency said.
Oil prices have spiked since the war began at the end of February. Brent crude traded above $91 a barrel midmorning Wednesday. Oil prices have stayed relatively high despite an announcement Wednesday that the International Energy Agency would coordinate the release of 400 million barrels from its member countries' strategic petroleum reserves.
Federal Reserve Chair Jerome Powell has said he is being investigated ostensibly for comments he made about the pricey renovations of the Fed's headquarters.
The United States government could end up paying $165 billion of more in refunds for Trump's IEEPA tariffs that the Supreme Court ruled were illegal.
Iran's threat to the Strait of Hormuz can't be fixed by releasing oil from strategic petroleum reserves.
The House Oversight Committee has called in Tova Noel, who was working at the time of Jeffrey Epstein's death, for a deposition later this month.
Oil prices have skyrocketed in the days since President Donald Trump's war on Iran began.
Russian leaders told President Trump they aren't sharing intelligence with Iran as it fights the U.S. and Israel, Special Envoy Steve Witkoff said this week.
It comes at a time when the Caribbean island is grappling with a worsening economic crisis.
Analysts say any attempt to attack or seize Iran’s strategic oil hub is likely to be fraught with risk.
The Strait of Hormuz, the world's most critical chokepoint for oil shipments, has been effectively closed since the U.S. and Israel began the war on Iran.
His comments to CNBC come as the U.S. and Israeli-led war appears poised to enter its third week.
The U.S. Central Command said that the loss was "not due to hostile or enemy fire."
The State Department said this week that 36,000 Americans had returned to the U.S. after the start of the war with Iran.
The Strait of Hormuz has been effectively closed to shipping because of the war against Iran by the U.S. and Israel.