Bessent Says Hormuz Ships Insurance Program to Start Soon

Treasury Secretary Scott Bessent said a US insurance program meant to boost shipping through the Strait of Hormuz will begin soon, a move that may help revive flows of much of the world’s oil and gas supplies.

Bessent’s predictions, delivered Thursday during a meeting of President Donald Trump’s cabinet at the White House, come weeks after the president first announced the US International Development Finance Corporation would provide insurance guarantees with naval escorts to help ensure safe passage for oil tankers and other vessels through the strait.