The U.S. is launching an insurance program for shipping through the Strait of Hormuz
U.S. Treasury Secretary Scott Bessent announced the launch of a U.S. insurance program aimed at boosting shipping traffic through the Strait of Hormuz.
Bloomberg reports on this.
During a meeting of President Donald Trump’s cabinet on March 26, he stated that the initiative is intended to ensure the resumption of shipments of a significant portion of the world’s oil and gas supplies. The program involves providing insurance guarantees through the U.S. International Development Finance Corporation, combined with naval escorts to ensure the safe passage of tankers.
According to Bessent, the oil market is currently well-supplied, and the measures taken will make raw materials accessible that have been stranded at sea due to security risks. The maritime reinsurance mechanism is being implemented in cooperation with U.S. Central Command to create an unprecedented level of security for shippers in the Persian Gulf region. Implementation of the project will begin shortly in accordance with the administration’s previously announced plans to stabilize the energy market. U.S. authorities expect these steps to minimize logistical obstacles and help lower global energy prices.
Iran has sent an official response to the United States’ proposal, which included 15 points for ending the war. Tehran’s response was conveyed to the American side through intermediaries.
As a reminder, the U.S. and Iran may hold talks on ending the war on March 26.
