Besant: The U.S. insurance plan for shipping in the Strait of Hormuz is about to launch

According to Bloomberg, U.S. Treasury Secretary Scott Bessent stated that a U.S. insurance program aimed at promoting shipping through the Strait of Hormuz is set to launch soon, a move that could help restore the flow of global oil and gas supplies.

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

Bessent's remarks come amid rising concerns over soaring oil and gas prices during the Iran war, and fears that even if the conflict ends, the impact on energy supplies will persist.