President Trump took steps Tuesday to prevent a sharp decline in global oil supply and give maritime shipping companies financial protection amid the war in Iran.
The president said Tuesday he was ordering the U.S. Development Finance Corp. (DFC), a federal agency, to provide political risk insurance for shipping companies traveling through the Persian Gulf.Oil prices have spiked since the U.S. and Israel launched strikes against Iran over the weekend, killing Iranian supreme leader Ayotollah Ali Khameni. Iran has said it would close the Strait of Hormuz in response, choking off the key maritime shipping lane for energy and other firms.In a post on Truth Social, Trump ordered DFC to offer “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.”
The president also said the U.S. Navy would escort oil tankers through the Strait of Hormuz “if necessary.”
President DONALD J. TRUMP
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
