Trump offers military support, escort for vulnerable oil supplies in Strait of Hormuz

President Donald Trump offered Tuesday to have the United States Navy escort oil tankers through the Strait of Hormuz in the Middle East in an attempt to lower energy prices that have surged since conflict began in the region over the weekend.

Conflict broke out between Israel, the United States and Iran on Saturday after the U.S. and Israel launched missiles at Iran. Iran has since retaliated by hitting Israel and several American bases in other countries throughout the region.

The conflict has caused oil prices to surge to nearly $80 a barrel on Monday. U.S. oil prices were at $73 a barrel Tuesday. 

“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 said in a Truth Social post. “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 [U.S.] will ensure the free flow of energy to the world,” Trump continued. “More actions to come.”