Washington: US President Donald Trump announced that he has directed the United States Development Finance Corporation (DFC) to provide political risk insurance and guarantees to ensure the financial security of all maritime trade, particularly energy shipments, navigating through the Strait of Hormuz.
According to Qatar News Agency, Trump stated on Truth Social that the United States Navy is prepared to escort tankers through the strategic waterway if necessary. This move comes in response to threats from Iran, which has indicated that it would target vessels transiting the Strait of Hormuz.
The situation has led to some tankers being attacked and has caused several insurance companies to discontinue war insurance for their maritime transport clients. The Strait of Hormuz is a critical chokepoint in the global energy supply chain, with approximately 60 ships, accounting for about 20 percent of the world's oil flows, passing through it daily.