Insurance brokers report that shipowners are receiving offers of millions of dollars for coverage to transit the strait or sail in adjacent high-risk waters, as insurance premiums have surged to up to 3% of the vessel's value, compared to only about 0.25% before the outbreak of the war. The cost of insuring ships transiting the Strait of Hormuz has jumped by about 12 times, despite U.S. President Donald Trump's promise to support and secure trade through this vital oil corridor. Trump had announced via his Truth Social platform that the U.S. International Development Finance Corporation will provide 'insurance and guarantees at a very reasonable price... for the financial security of all types of maritime trade, especially energy'.
