US to provide military protection for vessels in Strait of Hormuz, Trump says

If necessary, the US Navy will begin escorting tankers through the Strait of Hormuz as soon as possible to ensure their safe passage. US President Donald Trump announced this today in response to attacks by Iran and its allied groups, which have severely curtailed traffic through the strait, a key route for transporting oil and natural gas. The United States will guarantee insurance for all ships passing through the area, Trump added.

"If necessary, the US Navy will begin escorting tankers through the Strait of Hormuz as soon as possible. No matter what happens, the US will ensure a steady flow of energy to the world," Trump wrote on Truth Social, without mentioning Iran.

The White House chief also said he had ordered the government agency DFC to offer political risk insurance and guarantees to all ships at "very reasonable rates".

According to Politico, this is the first sign that Trump is beginning to take seriously the rising fuel prices triggered by Iran's efforts to block the key strait in retaliation for US-Israeli attacks.

Traffic through the Strait of Hormuz has been close to zero for a fourth day after Israeli and US forces launched attacks on Iran, which is responding with strikes on Israel and US targets in the Persian Gulf region. Under normal circumstances, roughly a fifth of global oil and natural gas supplies pass through this maritime artery. Prices for both commodities have risen rapidly in recent days as a result.

"There are growing concerns that energy markets could come under pressure in the coming days," a source told Politico, which reported Trump's plans before his announcement.

The source stressed that exports from Qatar and Saudi Arabia could be particularly affected, as both are important US partners in the Middle East.

In the United States, the situation in the Strait of Hormuz could lead to higher fuel prices at gas stations. Oil on the US market has risen by ten dollars a barrel, and Trump risks seeing gasoline and diesel prices climb above the levels they were at when he took office last year, Politico writes. If fuel prices rise significantly, Republicans could pay the price in November's congressional elections.

The strait formally remains open, but attacks by Iran and its allies have reduced shipping traffic to a trickle, while insurance companies are charging much higher premiums than before the war began. Trump has therefore ordered the DFC, which has financially supported projects in developing countries since his first term in office with the aim of counterbalancing China's influence, to offer affordable insurance to shipping companies.

Trump says the strikes on Iran were launched to destroy its ballistic missiles and prevent it from acquiring a nuclear weapon. In retaliation, Tehran is targeting the United States' Arab allies and US targets in the region.