Donald Trump has ordered a government agency to provide insurance for oil tankers passing through the Strait of Hormuz, which Iran has ordered closed, and announced he will send the Navy to escort them if necessary.
On 3 Mar 2026 GMT+7, U.S. President Donald Trump revealed that he instructed the U.S. Development Finance Corporation (DFC) to create "insurance and guarantees" for ships traveling through the Persian Gulf, signaling that the U.S. Navy would escort oil tankers through the Strait of Hormuz "if necessary."
"I have directed the U.S. Development Finance Corporation (DFC) to provide political risk insurance and financial security guarantees for all maritime trade, especially energy shipments passing through the Persian Gulf, at very reasonable rates. This service will be available to all shipping lines immediately," Trump stated in a post on Truth Social.
The U.S. leader added, "If necessary, the U.S. Navy will begin escorting oil tankers through the Strait of Hormuz as soon as possible. No matter what happens, the U.S. will ensure energy flows freely to the world. The economic and military power of the U.S. is the greatest in the world—and further actions will follow."
Trump's latest statement came after Iran announced it would close the Strait of Hormuz and threatened to attack ships passing through it. Several oil tankers have already been attacked, leading many marine insurers, including Skuld, Steamship Mutual, and North Standard, to notify clients that they have ceased coverage for war-related damages in nearby waters.
"I do not believe Iran can actually close the Strait of Hormuz, but insurance companies and shipping operators can," said Tom Kloza, an independent oil analyst and advisor to Gulf Oil, in a previous interview with CNN.
Trump's program aims to protect vessels that have lost insurance coverage, since without it, they would bear the full cost of any oil lost if attacked.
The consequence is a de facto closure of the strait. Data from S&P Global Commodities at Sea shared with CNN shows that only two oil and chemical tankers passed through the Strait of Hormuz last Monday, compared to the usual approximately 60 ships per day.
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Source:cnn