Bessen: US Insurance Plan for Strait of Hormuz Shipping to Launch Soon

2026-03-27 10:33:33

On March 27, according to Bloomberg, U.S. Treasury Secretary Scott Bessent stated that a U.S. insurance plan aimed at facilitating shipping through the Strait of Hormuz is set to launch soon, a move that could help restore the flow of a significant portion of global oil and gas supplies. Bessent made this prediction on Thursday during a White House cabinet meeting. This comes just weeks after former President Trump first announced that the U.S. International Development Finance Corporation would provide insurance guarantees, backed by naval escorts, to ensure the safe passage of oil tankers and other vessels through the strait. Bessent’s remarks come amid growing concerns over soaring oil and gas prices during the ongoing conflict and fears that energy supply shocks could persist even after the conflict ends.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.