Trump Announces Insurance for Maritime Oil Transport, Navy Will Escort When Needed

BlockBeats News, March 4th, U.S. President Trump announced on social media: "I have instructed the U.S. International Development Finance Corporation (DFC) to provide political risk insurance and financial security at a very reasonable price for all maritime trade through the Gulf region, especially energy. This will be open to all shipping companies. If necessary, the U.S. Navy will begin escorting oil tankers through the Strait of Hormuz as soon as possible. In any case, the United States will ensure that energy flows freely to the world. More actions are coming."

Following this news, Brent crude and WTI crude plummeted more than $2.5 in the short term.