- U.S. President Donald Trump has issued new orders regarding the Strait of Hormuz to “ensure the free flow of energy to the world during the war with Iran.”
- Iran closed the strait, a narrow mouth of the Persian Gulf through which about a fifth of the world's oil passes through, after the U.S. and Israel launched a joint attack Saturday. Iran has attacked several ships nearby and threatened to set on fire any vessels that try to pass, effectively closing the crucial waterway.
- The blockade has already caused oil prices to jump and experts warn a lengthy closure could cripple supply and wreak havoc on the global economy.
- “Effective IMMEDIATELY, I have ordered the United States Development Finance Corporation (DFC) to provide, at a very reasonable price, political risk insurance and guarantees for the Financial Security of ALL Maritime Trade, especially Energy, traveling through the Gulf,” Trump wrote Tuesday.
- “This will be available to all Shipping Lines. If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible. No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD. The United States’ ECONOMIC and MILITARY MIGHT is the GREATEST ON EARTH — More actions to come.”
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