Gate News reports that on March 27, U.S. Treasury Secretary Scott Bessent stated during a White House cabinet meeting that an insurance program aimed at promoting shipping through the Strait of Hormuz is about to be launched. This move could help restore the flow of most of the world’s oil and natural gas supplies. Bessent noted that it has only been a few weeks since former President Trump announced that the U.S. International Development Finance Corporation would provide insurance guarantees and naval escort to ensure the safe passage of oil tankers and other ships through the strait. His remarks come amid growing concerns over soaring oil and natural gas prices during the Iran conflict, with markets worried that even if the conflict ends, energy supply shocks will persist.
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