{"id":137535,"date":"2026-03-26T18:21:46","date_gmt":"2026-03-26T21:21:46","guid":{"rendered":"https:\/\/shipping.einnews.com\/article\/901947002"},"modified":"2026-03-26T18:21:46","modified_gmt":"2026-03-26T21:21:46","slug":"us-insurance-program-to-support-hormuz-shipping-to-begin-soon","status":"publish","type":"post","link":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/2026\/03\/26\/us-insurance-program-to-support-hormuz-shipping-to-begin-soon\/","title":{"rendered":"US Insurance Program to Support Hormuz Shipping to Begin Soon"},"content":{"rendered":"
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(Rafiq Maqbool\/Associated Press, File)<\/span>\n<\/div>\n
\n

Treasury Secretary Scott Bessent said a U.S. insurance program meant to boost shipping through the Strait of Hormuz will begin soon, a move that may help revive flows of much of the world\u2019s oil and gas supplies. <\/p>\n

Bessent\u2019s predictions, delivered March 26 during a meeting of President Donald Trump\u2019s cabinet at the White House, come weeks after the president first announced<\/a> the U.S. International Development Finance Corporation would provide insurance guarantees with naval escorts to help ensure safe passage for oil tankers and other vessels through the strait.  <\/p>\n

RELATED:<\/strong> Iran Allows Strait of Hormuz Transit Under Strict Conditions<\/a> <\/p>\n

Although the program was first unveiled March 3, there\u2019s no evidence that any vessels benefiting from the initiative have passed through the strait, a choke point for roughly a fifth of global oil and gas flows. <\/p>\n

\u201cThe oil market is well-supplied. We\u2019ve taken actions to ensure that oil supplies stranded at sea are made available to the global market,\u201d Bessent said. \u201cYour bold actions, like the Development Finance Corporation\u2019s maritime reinsurance program, in conjunction with Central Command, will soon provide shippers through the Gulf region with a level of security we have never seen before.\u201d <\/p>\n

Bessent\u2019s remarks were delivered amid increasing concern about spiking oil and gas prices<\/a> during the Iran war \u2014 and the threat that energy supply shocks will endure even once conflict ends. Trump\u2019s now-postponed threat to hit power plants in Iran was met by the Islamic Republic\u2019s vow that, in response, it would close the Strait of Hormuz \u201ccompletely\u201d and target regional energy facilities. <\/p>\n

Though Trump said March 26 that Tehran allowed 10 tankers to sail through the strait, commercial vessels have largely avoided crossing the waterway since the war began Feb. 28. Attacks by Iran have also damaged refining and gas processing infrastructure in the region, taking some supply offline and further complicating the chances for a swift resolution.  <\/p>\n

Insuring vessels is still possible, albeit at a very high cost<\/a>. The Lloyd\u2019s of London insurance market will continue to provide cover for ships traveling through the waterway, according to CEO Patrick Tiernan. That suggests it\u2019s the threat of lethal military strikes from Iran, rather than a lack of insurance, that\u2019s the primary obstacle to ships navigating the strait. <\/p>\n

Bessent argued that tanker traffic in the Gulf region is starting to pick up \u2014 and will only increase in the coming days. <\/p>\n

\u201cWe are starting to see more and more movement in and out of the Gulf today \u2014 and this is more than yesterday, and this is the beginning,\u201d he said. \u201cI am confident that shipping traffic will continue to increase on a daily basis even before we secure the straits.\u201d <\/p>\n

Escalating oil and gasoline prices threaten to obliterate some of Trump\u2019s economic gains from his first year back in the White House \u2014 and create a political drag on Republicans seeking to keep control of the House and Senate during the November midterm elections.  <\/p>\n

But Bessent argued the U.S. economy is better able to withstand short-term energy disruption thanks to Trump\u2019s policies that have encouraged more domestic oil and gas production. And even so, he said, Americans are willing to accept the trade-off of higher prices in the short term if it means longer-term stability. <\/p>\n

\u201cMany people underestimate the will of the American people for short-term volatility for 50 years of safety that we are going to have on the other side of this,\u201d Bessent said.  <\/p>\n

The Trump administration has already taken action to blunt prices and address some concerns about oil supply. That includes issuing a waiver of maritime restrictions that limit the transport of cargo between U.S. ports to American-built, -flagged and -owned ships and releasing millions of barrels of crude<\/a> from the country\u2019s emergency stockpile.  <\/p>\n

Other options have been under review. Trump on March 26 said one includes suspending the federal gasoline tax \u2014 a move that generally would require congressional action. \u201cThe gas tax, people have talked about it,\u201d Trump said. \u201cIt\u2019s something we have in our pocket if we think it\u2019s necessary.\u201d <\/p>\n

RELATED:<\/strong> Georgia Gov. Kemp Suspends Motor Fuel Taxes for 60 Days<\/a> <\/p>\n

Another option, Trump said, is simply taking control of Iran\u2019s oil. While Trump didn\u2019t provide details Thursday, that could be a reference to seizing or occupying Kharg Island, a hub for Iranian oil output.  <\/p>\n

<\/a><\/strong> <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

… . insurance program meant to boost shipping<\/span> through the Strait of Hormuz will … said. \u00e2\u0080\u009cI am confident that shipping<\/span> traffic will continue to increase … restrictions that limit the transport of cargo<\/span> between U.S. ports to …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-137535","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/137535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/comments?post=137535"}],"version-history":[{"count":0,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/137535\/revisions"}],"wp:attachment":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/media?parent=137535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/categories?post=137535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/tags?post=137535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}