US President Donald Trump said on Tuesday that he was moving to provide US government guarantees of insurance and financial security to all maritime trade traveling through the Gulf region, “especially energy”, amid the escalating war with Iran.
Trump posted on TruthSocial that he is directing the United States International Development Finance Corporation, a government agency, to provide political risk insurance “at the most reasonable cost” to oil tankers and commercial merchant ships in the region “effective immediately.”
“If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz as soon as possible,” Trump wrote.
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“No matter what, the United States will ensure the free flow of energy to the world.”
The Strait of Hormuz remained impassable for a fourth day on Tuesday after Iran attacked five ships, choking off a major shipping artery with threats to attack others trying to cross.
The narrow sliver of sea in the Persian Gulf is vital for global trade. According to the International Energy Agency, on average, a total of 20 million barrels of oil are transported through the strait each day, about a quarter of all seaborne oil trade.
The widening conflict has already led to a rise in oil prices due to dwindling supplies representing the clear cost of Trump’s decision to strike the Iranian regime along with Israel.
On Tuesday, US oil prices rose more than five percent to US$75.22 a barrel in afternoon trade. Gas prices are also higher in the US and Canada, according to GasBuddy.
— With files from Global’s Uday Rana and Ariel Rabinovitch and The Associated Press
© 2026 Global News, a division of Corus Entertainment Inc.
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