US Navy will ‘begin escorting’ oil tankers through Strait of Hormuz, a strategic waterway, if necessary, Trump says.
Published March 3, 2026
President Donald Trump has announced that the US government will offer insurance to ships in the Persian Gulf after Iran largely succeeded in closing the Strait of Hormuz, sending oil prices soaring.
The US president added that the US military will accompany the ships through Hormuz if necessary.
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“Effective IMMEDIATELY, I have directed 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 commerce, especially energy, traveling through the Gulf,” Trump wrote in a social media post on Tuesday.
DFC is the development financing agency of the United States government. Its mission is to “advance U.S. foreign policy and strengthen national security by mobilizing private capital” around the world.
Trump added that discounted hazard insurance will be available for all shipping routes.
“If necessary, the US Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible,” he wrote.
“No matter what happens, the United States will guarantee the FREE FLOW of ENERGY to the WORLD.”
The Strait of Hormuz is a vital trade artery connecting the Gulf to the Indian Ocean. About 20 percent of the world’s oil flows through it.
The price of oil has risen more than 15 percent since the start of the war. Costs are expected to rise further as oil supplies decline as a result of Iran’s closure of the strait as well as attacks on energy facilities in the Gulf.
Some insurance companies were reported to have cut coverage amid the Iranian attacks.
Although the United States is largely self-sufficient with its oil production, a spike in global prices could raise the cost for Americans at the pump for gasoline and increase inflation.
