The price of crude instantly tumbled on Tuesday after the Trump administration is reportedly considering providing, or assisting in obtaining insurance for oil tankers crossing through the strait of Hormuz.
According to Reuters, “U.S. President Donald Trump will review policy options on Tuesday aimed at controlling energy prices following recent attacks linked to Iran, including a proposal to help oil tankers transiting conflict zones to obtain insurance, according to two sources familiar with the matter.”
Ships have been frozen on either side of the strait after insurers instituted “war policies” that wouldn’t pay out.
Supertanker costs in the Middle East have hit all-time highs, according to shipping data and industry sources on Tuesday, as the U.S.-Iran conflict intensifies with Tehran attacking ships passing through the Strait of Hormuz.
The immediate reaction was a plunge in crude prices…
And as we suggested earlier today…
Looks like the admin reads us https://t.co/HiUI9Lovqq pic.twitter.com/R0REjCQhhi
— zerohedge (@zerohedge) March 3, 2026
The news comes after the commander of Iran’s Revolutionary Guards said that the strait of Hormuz is closed and that Iran would target any ship trying to pass through.
Developing…
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