US to Safeguard Gulf Shipping with Insurance and Security Plan

US President Donald Trump has said that he is moving to provide US government insurance and financial security guarantees for all maritime trade, especially energy, travelling through the Gulf region amid the growing conflict in West Asia. Trump posted on his social media account, Truth Social, that he is directing the United States International Development Finance Corporation, a government agency, to provide political risk insurance at a very reasonable price to oil tankers and commercial trade ships in the region, effective immediately. Trump also wrote that if necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz as soon as possible. The Strait of Hormuz was impassable for a fourth day yesterday after Iran attacked five vessels, choking off a key shipping artery with threats to attack any others who try to cross. The narrow sliver of sea in the Persian Gulf is vital for global trade.