On April 3, 2023, U.S. President Donald Trump declared that the government would immediately provide insurance for all maritime trade in the Gulf region, specifically targeting energy transportation, through the U.S. International Development Finance Corporation (DFC). This measure comes as a response to skyrocketing insurance rates for civilian vessels due to escalating threats and military tensions from Iran. Trump emphasized that this support applies to all shipping companies and highlighted the intent to maintain the flow of energy trade, which he considers vital for the global economy.

Furthermore, he indicated that the U.S. Navy is prepared to begin escort operations for tankers passing through the Strait of Hormuz if needed, highlighting the possibility of military intervention depending on Iran's future responses. Trump underscored America's commitment to ensuring the 'free flow of energy' globally and reinforced the strength of the U.S. military and economic power. However, the White House has not provided immediate details on the specifics of this directive, suggesting that operational decisions will depend on the evolving geopolitical situation.

This announcement comes at a time of heightened tensions in the region, as military operations between the U.S.-Israeli coalition and Iran continue to escalate. The Strait of Hormuz is critical for global oil supply, responsible for about 20% of global oil shipments. If the Strait were to be blocked, it could pose severe risks to the global economy. Following Trump's announcement, there were indications in the market of a potential easing of disruptions in maritime transportation, which may have contributed to a stabilization of oil prices amid the volatility caused by the ongoing conflict in the Middle East.