US will provide insurance for ships in Gulf amid Iranian attacks: Trump
Al Jazeera
US Navy ‘will begin escorting’ oil tankers through the Strait of Hormuz, a strategic waterway, if necessary, Trump says.
President Donald Trump has announced that the United States government will offer insurance to ships in the Gulf after Iran largely succeeded in shutting down the Strait of Hormuz, sending oil prices soaring.
The US president added that the US military will accompany ships through Hormuz if necessary.
“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 social media post on Tuesday.
DFC is the US government’s development finance agency. Its mission is to “advance US foreign policy and strengthen national security by mobilising private capital” across the world.
Trump added that the discounted risk insurance will be available for all shipping lanes.
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