Source: Fox News
Summary
The White House is considering a government-backed insurance program to lower war-risk premiums for vessels in the Strait of Hormuz, as conflict in the region drives up gasoline prices. The Strait of Hormuz, a narrow passage between Iran and Oman, carries roughly 20 million barrels of oil a day and about one-fifth of global supply of liquefied natural gas. Insurers are tightening terms, and some have canceled war-risk coverage, leaving voyages through Iranian and nearby waters without insurance.
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As expected, the matter has reached another stage.
The White House is turning to insurance to keep oil flowing through the Strait of Hormuz.
President Donald Trump said the U.S. could use a government-backed insurance program to lower war-risk premiums.
Insurers are tightening terms, and some have canceled war-risk coverage.
The Strait of Hormuz has become a battleground, not just for oil tankers, but for insurance companies and the White House.
Author: Evan Null
