Iran conflict: Trump says US Navy prepared to escort oil tankers in Gulf

Donald Trump said the US military could begin escorting oil and gas tankers transiting the Gulf “if necessary” and “as soon as possible”, as the administration seeks to calm energy prices that have increased as a result of the joint US-Israel war on Iran.

The US president said he had also ordered the US Development Finance Corporation to backstop insurance costs for companies with ships travelling through the waters.

It will “provide, at a very reasonable price, political risk insurance and guarantees for the Financial Security of ALL Maritime Trade, especially Energy, travelling through the Gulf. This will be available to all Shipping Lines,” Trump wrote on his Truth Social platform on Tuesday.

His announcement came after the joint US-Israeli attack on Iran triggered conflict across the world’s most important oil-exporting region, sending crude prices almost 10 per cent higher and spiking natural gas prices in Asia and Europe.

Iran has attacked energy infrastructure in the Gulf in retaliation and threatened to shut the Strait of Hormuz, a crucial waterway for global energy supplies, prompting fears of new oil price shock.

“No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD”, he wrote. “The United States’ ECONOMIC and MILITARY MIGHT is the GREATEST ON EARTH — More actions to come.”