As Iran claims control of Hormuz Strait, Trump says US Navy to escort oil tankers in Gulf
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United States President Donald Trump said on Tuesday that he had directed the US International Development Finance Corporation to extend political risk insurance and financial guarantees to safeguard maritime trade in the Gulf amid the escalating conflict in West Asia.
He also indicated that the US Navy would escort oil tankers through the Strait of Hormuz if required. The announcements were widely seen as Washington’s attempt to stabilise surging global energy prices and reduce risks to commercial shipping through the crucial waterway.
Crude oil prices have risen sharply since Saturday, when Israel and the United States launched coordinated strikes against the Iranian government, prompting retaliatory action from Tehran.
According to AFP, Iran’s Revolutionary Guards claimed on Wednesday that they had established “complete control” over the Strait of Hormuz. A Guards Navy officer, Mohammad Akbarzadeh, reportedly warned that any vessel attempting to cross the route could face missile strikes or drone attacks.
The strait, a narrow channel linking the Gulf to the Arabian Sea, is one of the world’s most strategically significant shipping corridors, Scroll.in reported.
Trump had earlier stated that the US Navy would begin escorting tankers through the Strait of Hormuz as soon as possible if the situation demanded it, adding that the United States would ensure uninterrupted global energy supplies under any circumstances. He also suggested on social media that additional measures were under consideration.
The Indian government said on Tuesday that airlines were scheduled to operate 58 flights to West Asia on Wednesday after adjusting services in response to the crisis. The Ministry of Civil Aviation stated that special arrangements were being made to assist stranded passengers, with airlines deploying additional capacity and coordinating with foreign aviation authorities and Indian missions abroad to ensure safe travel.
New Delhi added that Indian carriers had operated 24 flights on Tuesday, while Emirates and Etihad together ran nine services from the Gulf over the previous 24 hours. The Ministry of External Affairs also established a control room on Wednesday to assist Indian nationals in the region.
In the Gulf, authorities in Dubai reported that a drone strike had sparked a fire near the US consulate, which was quickly contained without injuries. This followed a statement from the Saudi government that two drones had struck the US embassy in Riyadh, causing what it described as a limited fire.
Trump’s decision to provide insurance backing and naval protection for shipping came after Iran declared on Monday that the Strait of Hormuz had been closed to traffic and warned that any vessel attempting to transit the waterway would be targeted.
The US International Development Finance Corporation, created in 2019, functions as a government agency partnering with private investors to finance projects in developing countries.