US Offers $20 Billion Reinsurance Plan to Spur Gulf Oil Flow (1)

The Trump administration announced a $20 billion reinsurance program aimed at reviving shipping in the Strait of Hormuz, where traffic has all but stopped amid the US and Israeli attacks on Iran.

The US International Development Finance Corp. said Friday it is deploying maritime reinsurance, including war risk, in the Persian Gulf region to stabilize commerce. The facility will insure losses up to about $20 billion “on a rolling basis” and will apply only to vessels for now, according to a statement.

The announcement comes days after President Donald Trump ordered DFC to offer insurance “at a very reasonable price” ...