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automatically terminate war-risk cover if vessels enter the Persian Gulf.Those include Gard AS, NorthStandard, Steamship Mutual Underwriting Association, Assuranceforeningen Skuld, American Steamship Owners Mutual Protection and Indemnity Association, The Swedish Club, and the London P&I Club.Lloyd’s of London, the insurance marketplace, is the largest supplier of war insurance, writing between 70 per cent and 80 per cent of the world’s war business.Related: Trump’s Secret Weapon in the Rare Earth WarBut many insurers are pulling back due to risks around threats of vessel boarding and seizure by Iranian forces, as well as missile and drone strikes. There are already reports of vessels being attacked in the Strait of Hormuz and off Oman, resulting in damage and loss of life.Earlier this week, Dylan Mortimer, marine hull UK war leader at Marsh said: “It is very early to tell at this point, but we would estimate that near-term rate increases for marine hull insurance in the Gulf could range from 25 to 50 per cent, barring any direct attack on merchant shipping, which could have major repercussions across war insurance rates.”However, in a post to Truth Social on Tuesday, the US President said he has ordered the Development Finance Corporation, a federal loan agency, to provide “at a very reasonable price” political risk insurance and guarantees for “ALL Maritime Trade, especially energy”, travelling through the Gulf.“If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz as soon as possible. No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD,” he added.Related: The U.S. Just Took a Giant Step in The Rare Earth Race With ChinaThe Persian Gulf is critically important for global trade as it is the primary route for over 20 per cent of the world’s total oil and liquefied natural gas (LNG) consumption through the Strait of Hormuz.The cost of a barrel of oil, as measured by Brent crude, the international benchmark, stands at over $83, its highest level since July 2024.By City AMMore Top Reads From Oilprice.comBarclays Warns Grid Constraints Could Strand Renewables AssetsAsian Markets in Free Fall as Oil Price Surge Stokes Inflation FearsIndian Refiner MRPL Declares Force Majeure on Gasoline ExportsTerms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,830.71 -38.79 (-0.56%)Dow 3047,954.74 -784.67 (-1.61%)Nasdaq22,748.99 -58.50 (-0.26%)Russell 20002,585.57 -50.44 (-1.91%)VIX23.75 +2.60 (+12.29%)Gold5,093.30 -41.40 (-0.81%)Trending tickersMRVL Marvell Technology, Inc. 75.68 -2.41 (-3.09%)COST Costco Wholesale Corporation 982.57 -24.17 (-2.40%)TTD The Trade Desk, Inc. 29.79 +4.62 (+18.36%)GE GE Aerospace 326.99 -12.82 (-3.77%)IOT Samsara Inc. 29.58 +0.89 (+3.10%)PortfolioSign in to access your portfolioSign inTop gainersSOC Sable Offshore Corp. 13.85 +3.76 (+37.26%)TNGX Tango Therapeutics, Inc. 16.83 +4.48 (+36.28%)TTD The Trade Desk, Inc. 29.79 +4.62 (+18.36%)EXPE Expedia Group, Inc. 251.54 +30.29 (+13.69%)UNF UniFirst Corporation 262.76 +31.50 (+13.62%)Top losersAEO American Eagle Outfitters, Inc. 19.33 -3.12 (-13.90%)HYMC Hycroft Mining Holding Corporation 41.06 -6.60 (-13.86%)IE Ivanhoe Electric Inc. 13.64 -2.02 (-12.90%)CIEN Ciena Corporation 299.30 -44.25 (-12.88%)IESC IES Holdings, Inc. 426.01 -61.76 (-12.66%)Most activeNVDA NVIDIA Corporation 183.34 +0.30 (+0.16%)AAL American Airlines Group Inc. 11.79 -0.67 (-5.38%)PLUG Plug Power Inc. 2.2900 -0.1900 (-7.66%)ONDS Ondas Inc. 10.49 -0.02 (-0.19%)TTD The Trade Desk, Inc. 29.79 +4.62 (+18.36%)Top economic eventsEarnings eventsMy earnings eventsEarnings events