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Hind Al Soulia - Riyadh - WASHINGTON — Donald Trump said Tuesday he has directed the US International Development Finance Corporation to provide sweeping political risk insurance and unspecified guarantees for maritime trade as the US-Israeli war against Iran escalates.
“Effective immediately, I have ordered the United States Development Finance Corporation (DFC) to provide, at a very reasonable price, political risk insurance and guarantees for the financial security of all maritime trade, especially energy, traveling through the Gulf,” Trump wrote on his Truth Social platform.
“This will be available to all shipping lines. If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible. No matter what, the United States will ensure the free flow of energy to the world,” he added.
The DFC is a US government development bank. Trump said additional measures would be announced at a later date.
Energy prices have surged since US and Israeli strikes on Iran began early Saturday, reportedly killing senior leaders, including Supreme Leader Ali Khamenei.
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Iran has retaliated with missile and drone attacks targeting US bases, diplomatic facilities and Israeli cities, deepening concerns about regional supply disruptions.
Oil prices were already rising before the strikes. On Feb. 27, Brent crude closed up 2.8% at $73 per barrel, while West Texas Intermediate gained 2.6% to $67.17.
With markets closed Feb. 28 and March 1, immediate reactions were delayed, but a geopolitical risk premium emerged at the start of the week. On March 2, Brent jumped 7.1% to $78.15, while WTI rose 6.2% to $71.33.
Later that day, remarks by Brig. Gen. Ebrahim Jabbari, a senior adviser to the Islamic Revolutionary Guard Corps commander-in-chief, claiming that transit through the Strait of Hormuz had been halted and warning ships could be targeted, pushed Brent to test $80.80 in early Asian trading, its highest level in nearly 15 months.
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