BlockBeats News, March 27 — According to Bloomberg, U.S. Treasury Secretary Scott Bessent announced that a new insurance program aimed at facilitating shipping through the Strait of Hormuz is about to launch. This could help restore the flow of most global oil and natural gas supplies.
Bessent made this prediction during a White House cabinet meeting on Thursday. Just weeks earlier, former President Trump announced that the U.S. International Development Finance Corporation would provide insurance guarantees and naval escort to ensure the safe passage of oil tankers and other ships through the strait.
At the time of Bessent’s statement, concerns were growing over soaring oil and natural gas prices amid the Iran conflict, and worries persisted that energy supply disruptions could continue even if the conflict ends.
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