Trump orders DFC to offer insurance for Gulf shipping, raises prospect of US Navy escorts

Riyadh, March 3, 2026 (Saudi Arabia Breaking News) – U.S. President Donald Trump said on Tuesday he ordered the U.S. International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade transiting the Persian Gulf, with coverage available to shipping lines immediately.

Trump, writing on Truth Social, suggested the United States Navy would begin escorting tankers through the Strait of Hormuz if necessary, and said the United States would ensure the free flow of energy.

Iran has threatened vessels using the strait, and tankers have come under attack in the area, according to the information provided.

Maritime insurers including Skuld, Steamship Mutual and NorthStandard have terminated war-related coverage for surrounding waters, the information provided said.

Traffic through the strait fell sharply, with two oil and chemical tankers transiting on Monday versus a typical 60 vessels per day, according to the information provided, which said the route carries about 20% of global oil flows.