Trump says he will guarantee the passage of ships through the Strait of Hormuz
On the afternoon of Tuesday, March 3, US President Donald Trump ordered with immediate effect that "the U.S. International Development Finance Corporation (DFC) provide, at a very reasonable price, insurance and guarantees against political risks for the financial security of ALL maritime trade, especially energy, transiting the Gulf."
TL;DR
- US President Donald Trump ordered the DFC to provide political risk insurance for maritime trade, particularly energy, in the Gulf.
- This measure aims to ensure the transit of ships through the Strait of Hormuz.
- Iran had previously declared the strait closed and threatened to attack any ship passing through.
- The US President indicated that the US Navy might escort tankers through the Strait of Hormuz if needed.
- The Strait of Hormuz is a critical route for global oil and liquefied natural gas.