"We provide security for maritime commerce in Hormuz" - President Trump speaks about escorting oil tankers
President Donald Trump said he had ordered the U.S. International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade in the Persian Gulf, adding that the U.S. Navy could begin escorting oil tankers through the Strait of Hormuz if necessary.
The announcement marks one of the administration's most aggressive steps yet to curb rising energy prices and calm oil markets amid escalating conflict in the Middle East, which has increased risks to shipping through key waterways.
Trump has made lower fuel costs a central theme of his economic messaging to Americans, and the move signals a willingness to use financial and military means to prevent disruptions to global crude oil supplies.
"No matter what, the United States will ensure the free flow of energy to the world," Trump said in a social media post. Trump added that other actions would be taken.
Global crude oil prices have reached record highs since Israeli and US forces began attacking Iran over the weekend, leading to fighting that has disrupted oil tanker shipments to the Middle East.
Trump told reporters that Americans may have to live with higher oil prices for a short period, "but once this is over, these prices will fall, I believe, lower than they were before."
If higher energy prices persist, they could undermine efforts by lawmakers in Trump's Republican Party to retain power in the midterm elections for Congress in November.
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