The now closed Strait of Hormuz (hor-MOOZ) moves about 20 million barrels of crude oil and petroleum products daily, totaling about 20 percent of global demand.
DTN reports that fertilizer exports also move through the Strait, including about a quarter of the globally traded nitrogen market.
Politico said the White House will offer naval escorts and political risk insurance for oil and gas tankers traveling through the Strait of Hormuz in a bid to slow down a surge in energy prices after Iran warned it will attack ships at a choke point in the Strait.
“The announcement brought some immediate relief to the overheated crude oil market,” Politico reported.
In a Truth Social post, President Trump said he’s ordered the U.S. Development Finance Corporation to provide risk insurance and guarantees for the financial security of all maritime trade, especially energy. “If necessary, the U.S. Navy will begin escorting tankers through the Strait of Hormuz,” Trump added.
