The US will provide security protections and insurance guarantees to oil tankers and other vessels attempting to cross the Strait of Hormuz, President Trump said Tuesday afternoon.

“Effective IMMEDIATELY, I have ordered the United States Development Finance Corporation (DFC) to provide, at a very reasonable price, political risk insurance and guarantees for the Financial Security of ALL Maritime Trade, especially Energy, traveling through the Gulf,” the president wrote in a post to Truth Social, adding that insurance would be available to all shipping lines.

“If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible,” Trump wrote.

The announcement comes as transit through the Strait of Hormuz, a critical global shipping chokepoint that sees roughly one-fifth of the world’s oil and LNG supplies pass its waters every day, has dropped essentially to zero, according to data from Kpler.

As conflict broke out on Saturday, major shipping lines began halting their ships from transiting the Strait, leaving millions of barrels of crude stranded on either side and unable to reach global buyers. On Monday evening, Iran’s Revolutionary Guard Corps said the Strait was completely closed and that they would strike any ship that attempted transit.

So far, at least seven vessels have been struck, according to media reports. The cessation of oil and LNG flows, along with the violence against ships in the area, has sent oil (BZ=F, CL=F) and gas prices (TTF=F) soaring.

Insurance analysts who spoke with Yahoo Finance said they are reworking policies as prices surge. Insurers are now making coverage conditional, placing routing restrictions on contracts and demanding voyage approval, and refusing to give quotes for specific routes and situations.

As the conflict has progressed, some of the world’s major insurance clubs have begun refusing entirely war risk coverage to any vessel with plans to cross the strait. The result, the insurance analysts said, is that owners are “choosing not to transit rather than accept terms that make voyage economics unworkable.”