Trump orders oil tanker insurance support, says Navy could escort ships in Gulf

On Tuesday, President Donald Trump announced that the U.S. Navy might start escorting oil tankers through the Strait of Hormuz if needed. He also stated that he directed the U.S. International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade in the Gulf. This action is one of the administration's strongest attempts to manage rising energy prices due to increasing conflicts in the Middle East, which have heightened dangers for shipping in crucial waterways. Since Israeli and U.S. forces began their attacks on Iran over the weekend, global crude prices have surged, disrupting oil tanker shipments from the Middle East. However, ship owners and analysts are uncertain whether military escorts and DFC insurance will be enough to halt the price rise. The DFC, created in 2019, is a government body that collaborates with private investors to fund projects in developing nations. Lower fuel costs for Americans are a key part of Trump's economic message. This recent move shows his readiness to use both financial and military strategies to safeguard global crude supply chains. Trump stated on social media, “No matter what, the United States will ensure the free flow of energy to the world.” He hinted that more actions are on the way. Treasury Secretary Scott Bessent and Energy Secretary Chris Wright were expected to meet with Trump on Tuesday afternoon to discuss proposals for addressing the situation and determine a response, according to two sources who asked not to be named. Earlier, Trump told reporters that Americans might need to accept higher oil prices for a short time, but he believes those prices will soon drop, possibly even lower than before.