Top updates: Trump says US Navy to escort oil tankers in Gulf, Iran claims control of Hormuz strait

United States President Donald Trump on Tuesday said that he has ordered the US International Development Finance Corporation to provide political risk insurance and ‌financial guarantees for maritime trade in the Gulf amid the conflict in West Asia.

The US Navy will escort oil tankers in through the Strait of Hormuz, he added.

The announcements are viewed as a significant step by Washington to contain soaring energy prices amid the conflict that has increased risks to shipping through the strategic waterways.

Global crude prices have spiked since the conflict began on Saturday when Israel and the US launched a joint military operation targeting the Iranian government and Tehran retaliated.

Here’s more on this and other top updates from the conflict in West Asia:

• On Wednesday, Iran’s Revolutionary Guards claimed that they had “complete control” of the Strait of Hormuz, reported AFP. Any vessels seeking to pass through the route risk being hit by missiles or stray drones, said Guards Navy officer Mohammad Akbarzadeh. The Strait of Hormuz is a narrow waterbody that connects the Gulf to the Arabian Sea.
• Trump had said on Tuesday that “if necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible”. The US will ensure the free flow of energy to the world “no matter...

  Read more