if necessary, after Iran declared the strait closed and warned it would attack any vessels attempting to pass. The waterway is a crucial global energy route, handling more than 20% of the world’s oil shipments.
The United States has also instructed the United States Development Finance Corporation (DFC) to provide political risk insurance and financial guarantees for maritime trade in the Persian Gulf to help restore confidence in energy transportation. However, several countries and energy companies have begun seeking alternative supply sources and shipping routes, while global oil prices have risen amid concerns that escalating tensions in the Middle East could disrupt the region’s oil exports.
Cr. thestandardth
