The US government said Wednesday it would introduce a series of measures to stabilize oil trade in the Gulf, as Washington sought to ease rising concerns of a potential energy shock amid the Iran conflict.
The announcement came as traders remained skeptical and confused about President Donald Trump’s pledge to insure and protect oil tankers passing through the Strait of Hormuz, the critical energy chokepoint that Iran has effectively closed. One shipping association called it “unrealistic,” while Gulf insurance costs jumped 12-fold.
Trump’s plan signals an acknowledgment that the conflict could erode the pillars of his economic agenda, a geopolitics analyst argued: “He is trying to buy more time. He needs the oil market to cooperate.”