Besent: US insurance plan for Strait of Hormuz shipping is about to start

According to Bloomberg, U.S. Treasury Secretary Scott Bessent said a U.S. insurance program aimed at promoting shipping through the Strait of Hormuz is about to be launched, a move that could help restore the flow of most of the world's oil and gas supplies.<br /> Basent made the prediction Thursday at a White House presidential cabinet meeting. It comes just weeks after Trump announced for the first time that the U.S. International Development Finance Corporation would provide insurance guarantees and equip naval escorts to ensure the safe passage of oil tankers and other ships through the strait.<br /> Besent's comments came amid growing concerns about soaring oil and natural gas prices during the Iranian war and concerns that energy supply shocks will continue even if the conflict ends.