In an effort to “restore confidence in maritime trade and stabilise international markets” the US Development Finance Corporation is launching a $20 billion reinsurance facility to focus on covering hulls, machinery and cargo.
Approximately one-fifth of the global oil supply traffic travels through the Strait of Hormuz. Tehran has said it will strike any tanker that attempts to pass through which has left hundreds of tankers stuck in the region. As gas prices rise, getting this traffic moving again is a priority for US President Trump.
Read more from the Financial Times and Life Insurance International.
