Shipping slows to a crawl through Strait of Hormuz, threatening to snarl international trade
NBC News • • general
Key Points:
- President Donald Trump announced that the U.S. Navy would escort tankers through the Strait of Hormuz if necessary, but tanker traffic remains nearly halted, and it is unclear if any have accepted the offer.
- Over 150 vessels have been forced to anchor or reroute due to threats from Iran, causing operational challenges and a surge in war risk insurance costs from 0.25% to 1.25% of ship value.
- The U.S. International Development Finance Corporation will offer insurance support to commercial shipping to help ensure the free flow of goods amid escalating tensions in the critical Strait of Hormuz, which handles one-fifth of the world’s oil supply.
- Rising oil and gas prices, with U.S. gas
