US launches $20B reinsurance plan for Strait of Hormuz shipping

Just read the US announced a $20B reinsurance program to help revive shipping through the Strait of Hormuz, where attacks halted vessel traffic. It aims to cover war risk and restore confidence for oil and other vital exports flowing through this key route. Shipping firms welcome it but stress that actual safety improvements are needed before traffic fully resumes. https://www.thenationalnews.com/business/energy/2026/03/07/us-launches-20-billion-reinsurance-plan-to-revive-shipping-in-strait-of-hormuz/