My colleague Mary Chastain noted in her recent report that President Donald Trump’s team was weighing a takeover of the critical shipping lane of the Strait of Hormuz, through which a vast amount of global oil supply flows.
This development follows on the heels of continuing military targeting covered by our talented Vijeta Uniyal.
I would like to focus on the Strait for a moment, as I noted in an earlier report that Trump ordered a US agency to provide insurance for companies willing to sail through the region. That plan is moving forward.
The U.S. will provide reinsurance for losses up to $20 billion in the Gulf region, to help provide confidence for oil and gas shippers during the war on Iran, the U.S. International Development Finance Corporation said on Friday.
President Donald Trump on Tuesday ordered the DFC to provide political risk insurance and financial guarantees for maritime trade in the Gulf after oil and liquefied natural gas tanker transit had ground to a halt in the Strait of Hormuz waterway off Iran, where ordinarily 20% of global oil moves daily.