Bessent: Hormuz Strait Shipping Insurance Plan to Launch

BlockBeats News, March 27th, according to Bloomberg, U.S. Treasury Secretary Scott Bessent stated that the U.S. is set to launch an insurance plan aimed at facilitating shipping through the Hormuz Strait, a move that could help restore the flow of most of the world's oil and gas supply.

Bessent made the above prediction during a White House Cabinet meeting on Thursday. This comes just weeks after Trump's initial announcement that the U.S. International Development Finance Corporation would provide insurance coverage and naval escorts to ensure the safe passage of tankers and other vessels through the strait.

At the time of Bessent's remarks, concerns about soaring oil and gas prices during the Iran war were escalating, and there were fears that even after the conflict ends, the impact on energy supply would persist.