The US is preparing an insurance program for ships passing through the Strait of Hormuz
On March 26, US Treasury Secretary Scott Bessant said during a meeting of President Donald Trump’s cabinet at the White House that a US insurance program aimed at reviving shipping through the Strait of Hormuz would soon come into effect. This could help restore supplies of a significant portion of the world’s oil and gas reserves. This is reported by Bloomberg.
Bessent’s statements came a few weeks after the president first announced that the US International Development Finance Corporation would provide insurance guarantees and naval escorts to ensure the safe passage of oil tankers and other vessels through the strait.
“The oil market is well-served. We have taken steps to ensure that the oil that is stuck at sea is available to the world market,” Bessent said.
According to him, the Development Finance Corporation’s marine reinsurance program in cooperation with Central Command “will soon will provide shippers in the Persian Gulf region with a level of security never seen before.”
Earlier, US Transportation Secretary Sean Duffy said that the United States is preparing a government-backed insurance program to help ships pass through the Strait of Hormuz.
On March 26, France hosted a virtual meeting of the chiefs of staff of the armed forces of 35 countries dedicated to the security of shipping in the Strait of Hormuz.
