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Besant: The US insurance program for shipping through the Strait of Hormuz is about to launch
ChainCatcher reports that according to Bloomberg, U.S. Treasury Secretary Scott Bessent stated that an insurance program aimed at promoting shipping through the Strait of Hormuz is about to be launched. This move could help restore the flow of most of the world’s oil and natural gas supplies.
Bessent made this prediction on Thursday during a White House cabinet meeting. Just weeks after President Trump announced that the U.S. International Development Finance Corporation would provide insurance guarantees and naval escort to ensure the safe passage of oil tankers and other ships through the strait.
At the time of Bessent’s remarks, concerns were growing over soaring oil and natural gas prices amid the Iran conflict, and there was worry that even if the conflict ends, energy supply shocks would persist.