US insurance plan ready for Hormuz ships, awaits military OK for escorts
2026-03-15 - 22:42
The United States has finalized an insurance plan for commercial vessels navigating the Strait of Hormuz and is now awaiting military approval to begin naval escort operations, Transportation Secretary Sean Duffy revealed Sunday. In an interview with Fox News, Duffy stated "We're ready on the insurance front; that's ready to go" regarding federal coverage for ships traversing the strategic waterway. Military timeline uncertain On the deployment of naval escorts, Duffy indicated the decision rests with Joint Chiefs of Staff Chairman General Dan Caine, who is currently analyzing security risks. "Could be a day, could be a week," Duffy said, adding that partner countries would also participate in the escort effort. "When those escorts and the insurance come together, you're going to start seeing oil flow," he predicted. Hormuz closure disrupting global markets The Strait of Hormuz has been effectively closed since early March following Iranian retaliatory strikes against the US-Israeli offensive that began Feb. 28. The disruption has sent global oil and fertilizer prices sharply higher, threatening economic stability worldwide. President Donald Trump stated Saturday that countries receiving oil through the waterway should share responsibility for its security, with the US providing assistance. He had previously suggested naval escorts could begin "soon." Conflict continues to escalate The US-Israeli strikes on Iran have reportedly killed approximately 1,200 people, including former Supreme Leader Ayatollah Ali Khamenei, while 14 American service members have died since the campaign began. Iran has retaliated with drone and missile strikes targeting Israel, Jordan, Iraq and Gulf states hosting US military assets. The planned naval escort operation represents a significant escalation in US commitment to keeping the strategic waterway open, potentially bringing American forces into more direct confrontation with Iranian military assets in the Gulf.