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Washington plans a $20bn reinsurance facility via the Development Finance Corporation to back ships transiting Hormuz, restore oil flows, lower war-risk premiums and support tanker traffic amid Iranian regional threats.
“Working alongside Centcom, DFC coverage will offer a level of security no other policy can provide,” Black said. “We are confident that our reinsurance plan will get oil, gasoline, [liquefied natural gas], jet fuel and fertiliser through the Strait of Hormuz and flowing again to the world.” Shipping through the Strait is in effect blockaded by the war with Iran, with Tehran threatening to strike any vessels that traverse the waterway.
https://www.ft.com/content/d1d68d91-0d2c-4682-9204-01320a9320d4
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