Trump also ordered the U.S. International Development Finance Corporation to provide political risk insurance and financial security guarantees for all maritime trade in the Persian Gulf at "reasonable prices."
“This service will be available to all shipping companies. If necessary, the U.S. Navy will begin to protect tankers passing through the Strait of Hormuz,” he added.
The Strait of Hormuz is a key corridor for raw material supplies from the Middle East, through which 20% of the world's oil volumes pass.
The Islamic Revolutionary Guard Corps, Iran's main security agency, threatened to attack any vessels attempting to pass through the strait after Israel and the U.S. began military actions against Iran. As a result, amid these threats, oil and gas prices surged sharply, and several tankers were attacked.
