Trump announces US government will provide war risk insurance for Gulf shipping and military escort for tankers

President Trump announced the US government will provide war risk insurance for commercial shipping in the Persian Gulf and commit the US Navy to escort tankers through the Strait of Hormuz. This represents direct federal intervention after major P&I insurance clubs terminated war risk coverage effective March 5, making Hormuz transits financially impossible without government backing. The policy makes the US government insurer-of-last-resort and commits significant naval resources to escort duty, aiming to prevent complete economic blockade following the 48-hour Hormuz shutdown March 1-2.