Trump admin announces $20 billion reinsurance program for oil tankers during Iran war - CNBC

The $20 billion reinsurance program was announced to encourage tanker movement through the Strait of Hormuz, but transit largely remained at a standstill due to security risks. Oil executives’ pleas to the White House against Iran’s proposed transit fees underscore that financial backstops alone may not persuade shipowners to resume transits if legal, contractual and security obstacles remain. The industry argues treaty and sanctions issues, plus high fee demands, require diplomatic and security assurances in addition to insurance solutions.