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US Insurance Program to Support Hormuz Shipping to Begin Soon
The program backed by the U.S. International Development Finance Corporation and naval escorts aims to secure about 20% of global oil and gas flows through the Strait of Hormuz.
- On Thursday, Treasury Secretary Scott Bessent announced that a U.S. insurance program meant to boost shipping through the Strait of Hormuz will begin soon, aiming to revive global oil and gas supply flows.
- Commercial vessels have largely avoided the waterway since the war began Feb. 28, following Iranian threats to close the Strait "completely" and target energy facilities, though Tehran allowed 10 tankers through on March 26.
- The Development Finance Corporation's maritime reinsurance program, paired with Central Command, will provide unprecedented security, while Lloyd's of London continues to provide cover at very high cost, according to CEO Patrick Tiernan.
- President Donald Trump on Thursday noted options include suspending the federal petrol tax or taking control of Iranian oil, measures aimed at mitigating economic drag ahead of midterm elections.
- Bessent argued the U.S. economy can withstand short-term energy disruption, emphasizing that Americans are willing to accept higher prices for 50 years of safety as he remains confident shipping traffic will increase daily.
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12 Articles
12 Articles
Washington expects tanker traffic through the Strait to increase. The United States plans to soon launch a program to insure ships in the Strait of Hormuz. This program involves military escorts for oil tankers. This was announced by US Treasury Secretary Scott Bessent, according to RBC-Ukraine, citing Bloomberg. Read also: More than 20 countries are already ready to ensure safe passage through the Strait of Hormuz. Bessent, speaking at a cabine…
US Treasury Secretary Scott Bessent said that the implementation of an American insurance program to support shipping through the Strait of Hormuz will begin in the near future.
Coverage Details
Total News Sources12
Leaning Left3Leaning Right1Center1Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 20%
R 20%
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