US backs $20B insurance to unlock Strait of Hormuz shipping
The Trump administration announced a rolling $20 billion reinsurance program via the U.S. International Development Finance Corporation to insure losses on oil tankers and other maritime traffic through the Strait of Hormuz, aiming to restart flows amid Iran-related tensions; officials say the plan could help move crude, LNG, and other cargoes, as oil prices jumped, though security concerns remain the main hurdle for ships.