"With respect to oil prices and the economy here at home, of course, this is something that Secretary Bessent and Secretary Wright, and the national economic council of energy that is led by Secretary Burgum has been long been working on and well in advance. Yesterday, President Trump announced that U.S. Development Finance Corporation will provide political risk insurance at a very reasonable price for crude carriers and cargo ships operating in and around the Gulf."
"The president said if necessary and when appropriate, the U.S. Navy will begin escorting tankers through the Strait of Hormuz. I think it speaks to why this action was so necessary. That ultimately, the energy industry is going to benefit from the president's actions with respect to Iran, because Iran will no longer be controlling the Strait of Hormuz and restricting the free flow of energy."
During a White House press briefing, Fox News correspondent Jacqui Heinrich questioned Press Secretary Karoline Leavitt about rising oil prices following U.S.-Israeli military strikes that killed Iranian Supreme Leader Ali Khamenei. Leavitt responded that the administration has been preparing economic responses through multiple departments. She announced that the U.S. Development Finance Corporation will provide political risk insurance for crude carriers and cargo ships operating in the Gulf region. Leavitt stated that the U.S. Navy will escort tankers through the Strait of Hormuz when necessary and appropriate. She argued that removing Iran's control over the strait will ultimately benefit the energy industry by ensuring free flow of energy and reducing long-term oil prices for American consumers.
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