Trump says U.S. will insure maritime trade in Gulf amid Iran war – National

U.S. President Donald Trump said Tuesday he was moving to provide U.S. government insurance and financial security guarantees for all maritime trade, “especially energy,” travelling through the Gulf region amid the growing Iran war.

Trump posted on Truth Social he was directing the United States International Development Finance Corporation, a government agency, to provide political risk insurance “at a very reasonable price” to oil tankers and commercial trade ships in the region “effective immediately.”

“If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible,” Trump wrote.

Get breaking National news

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

“No matter what, the United States will ensure the free flow of energy to the world.”

The Strait of Hormuz was impassable for a fourth day Tuesday after Iran attacked five vessels, choking off a key shipping artery with threats to attack any others who try to cross.

The narrow sliver of sea in the Persian Gulf is vital for global trade. On average, a total of 20 million barrels of oil are shipped through the strait daily, according to the International Energy Agency, amounting to nearly a quarter of all seaborne oil trade.

The widening conflict has already led to a spike in oil prices due to dwindling supplies, representing a clear cost of Trump’s decision to strike the Iranian regime alongside Israel.

On Tuesday, U.S. oil prices rose more than five per cent to US$75.22 a barrel in afternoon trading. Gas prices in the U.S. and Canada have also shot up, according to GasBuddy.

—with files from Global’s Uday Rana and Ariel Rabinovitch, and the Associated Press

&copy 2026 Global News, a division of Corus Entertainment Inc.