Trump: $20 Billion Program for Strait of Hormuz

The Trump administration announced a $20 billion reinsurance program for tankers and other commercial vessels in the Strait of Hormuz.

The decision comes amid turmoil in energy markets, with U.S. crude oil exceeding $90 a barrel.

Some Gulf countries are already limiting oil production due to their inability to export.

The U.S. International Development Finance Corporation will cover losses up to $20 billion, providing security to shipping companies.

DFC CEO Ben Black stated that the plan will allow the passage of oil, gasoline, LNG, and fertilizers to international markets.