US President Donald Trump said Tuesday the US Navy could begin escorting oil tankers through the Strait of Hormuz if necessary, as global crude prices rose following escalating conflict in the Middle East.According to Reuters, Trump also said he had ordered the US International Development Finance Corporation (DFC) to provide political risk insurance and financial guarantees for maritime trade in the Gulf.The move marks one of the administration’s most aggressive steps so far to contain rising energy prices after Israeli and US forces began striking Iran over the weekend. The fighting has interrupted oil tanker shipments in the Middle East.Global crude prices have spiked since the strikes began.“No matter what, the United States will ensure the free flow of energy to the world,” Trump said in a social media post. Trump also said additional actions are coming.Must Read | Expert Explains: ‘The Strait of Hormuz is simply too vital an artery to remain closed for too long’Reuters reported that Treasury Secretary Scott Bessent and Energy Secretary Chris Wright were expected to meet with Trump on Tuesday afternoon to present a list of proposals and finalise a response, citing two sources familiar with the plan who spoke on condition of anonymity.Earlier on Tuesday, Trump told reporters that Americans may have to live with higher oil prices for a short period, “but as soon as this ends, those prices are going to drop, I believe, lower than even before,” Reuters reported.If higher energy prices persist, they could undermine efforts by lawmakers in Trump’s Republican Party to retain power in the congressional midterm elections in November.Story continues below this adOil shipments have been largely blocked through the Strait of Hormuz, a chokepoint between Iran and Oman through which around a fifth of the world’s oil is shipped. Several tankers have been damaged by strikes, and others have been stranded.Also Read | As oil flow through Strait of Hormuz comes to a halt, India may look at increasing Russian oil importsShipping companies and insurers have begun reassessing their exposure to the region, Reuters reported. War-risk premiums have increased, and some insurance providers have scaled back or withdrawn coverage, according to industry sources.Higher insurance costs have made it more expensive for tankers willing to travel through the area. Some operators have delayed voyages or sought alternative routes.This is not the first time the US has extended support for tanker insurance. During the Iran-Iraq conflict in the 1980s, Washington reflagged tankers and provided naval escorts when private insurers withdrew coverage. After the September 11, 2001, attacks, the United States issued insurance policies to keep shipping moving amid elevated war-risk premiums.Story continues below this adShipping sources who declined to be named told Reuters that Trump’s plan may not calm shippers while fighting continues, noting that the United States has a limited number of ships that could escort tankers.As of Monday, the US Navy had 12 warships, including an aircraft carrier, in the Middle East that could be used to escort commercial ships. However, some of those vessels are engaged in strikes against Iran and intercepting missiles.Also Read | West Asia conflict hits India’s LNG supplies as Petronet, QatarEnergy issue force majeure notices; Petronet stock plummetsNaval escorts could face Iranian projectiles and small armed vessels.The US Navy occasionally escorts ships in sensitive waterways. There are also multinational naval task forces that could assist, including Combined Task Force 152 (CTF-152), currently commanded by Qatari forces.Story continues below this adRohit Rathod, a senior analyst with ship-tracking firm Vortexa, told Reuters that Trump’s measures may not ensure broad and safe passage but that some ships could still transit.“The attacks could still take place,” Rathod said. “What is more realistic is that insurance stays high but we will have individual players making deals with the Iranians to get exemptions for their ships.”