U.S. officials are set to launch a $20 billion reinsurance facility designed to support Gulf shipping and help restart maritime cargo coverage. The program is expected to be unveiled on Friday by DFC Chief Executive Ben Black and Treasury Secretary Scott Bessent.
According to the U.S. International Development Finance Corporation, the initiative will partner with U.S. insurance companies that have already been identified to participate in the program, helping provide additional insurance capacity for vessels operating in the region.
The problem is how many warships are available to usher the ships through the Straits of Hormuz and at what risk?
Nevertheless, oil prices have come off and trades back toward the $90 level. At the corrective low on the 5 minute chart, the price has moved below the 50% of the last leg up which is bearish, but the lower channel trend line has stalled the fall.
