In a recent announcement, U.S. President Donald Trump directed the Development Finance Corporation (DFC) to provide political risk insurance for all commercial vessels operating in the Persian Gulf. This move comes as the U.S. Navy is prepared to escort tankers through the Strait of Hormuz if necessary.
Trump shared this information on Truth Social on March 3, stating that the DFC will offer insurance and financial guarantees at a reasonable cost for maritime trade, particularly energy supplies, transiting through the Gulf. The insurance will be available to all shipping lines.
“If needed, the United States Navy will begin escorting tankers through the Strait of Hormuz as soon as possible,” Trump wrote.
The president emphasized that the U.S. is committed to ensuring the “free flow of energy worldwide” and promised further actions to support this goal.
This announcement follows a decision by major marine insurers, including Gard, Skuld, NorthStandard, London P&I Club, and American Club, to cease war risk insurance for vessels in the Gulf effective March 5.
Military Operations Against Iran
On February 28, Israel conducted an airstrike on the Iranian capital, Tehran. Subsequently, President Trump declared that U.S. military forces had initiated a “major combat operation” against Iran aimed at neutralizing perceived threats from the Iranian regime. He accused Iranian authorities of funding and training militants in Syria, Lebanon, Iraq, and Hamas in Palestine. The objective of this military operation is to dismantle Iran’s missile industry and naval capabilities, thereby preventing destabilization in the region.
The Islamic Revolutionary Guard Corps (IRGC) reported launching missiles and drones towards Israel and attacking U.S. military bases in Qatar, Saudi Arabia, and the United Arab Emirates.
In response to the escalating military actions, French President Emmanuel Macron called for an urgent meeting of the United Nations Security Council.
The European Union reaffirmed its commitment to ensuring regional security and stability in the Middle East.
Ukrainian President Volodymyr Zelensky stated that it is just to give Iranians a chance to rid themselves of the “terrorist regime” and ensure safety for all nations affected by attacks from Iran.
On February 28, Trump claimed that Iran’s Supreme Leader Ali Khamenei was dead, a statement later confirmed by the Islamic Republic News Agency (IRNA).
On March 1, the IRGC announced the initiation of “the most destructive offensive operation in the history of the Islamic Republic” against Israel and U.S. military bases. Trump warned the Iranian regime to abandon these plans, threatening a “very strong response” if they did not.
On March 2, U.S. Secretary of State Marco Rubio indicated that the next phase of military operations against Iran would be even more devastating.
The U.S. government is taking steps to ensure maritime security in the Persian Gulf by providing insurance for commercial vessels amid rising tensions with Iran. Concurrently, military operations are intensifying, with the U.S. and Israel targeting Iranian capabilities.