U.S. President Donald Trump said the United States will ensure "free flow" of energy to the world, assuring that the US navy will begin escorting tankers through the Strait of Hormuz. The move comes in the wake of Iran shutting down the strait on Tuesday amid the ongoing war with the U.S. and Israel. 

"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. The United States’ ECONOMIC and MILITARY MIGHT is the GREATEST ON EARTH — More actions to come," Trump said in a post on Truth Social. 

"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. This will be available to all Shipping Lines," Trump said in the post. 

It may be noted that ships loaded with crude oil are stranded in the Persian Gulf without insurance cover as the war  coverage for the region was cancelled by the insurers owing to high risk perception. 

Global maritime assets worth about $22 billion are stuck in the Persian Gulf as Iran has already shut the Strait of Hormuz, according to sources. 

This includes tankers from shipping companies across the world.

"Hundreds of ships are blocked in the Persian Gulf. Some of them are also loaded with crude oil. Vessels worth $22 billion are estimated to be stuck in the region," said an industry source who did not wish to be named. 

The source pointed out that the overall value at stake including the freight loaded on the ships, which is largely crude oil in this case, may be even higher. It may be noted that ever since the U.S. led attack began on Iran on Saturday, four tankers have reportedly been damaged, and two seafarers have lost their lives. 

The strait of Hormuz accounts for about 20% of the global crude oil supply and is a critical source for China and India. 

Global fleet operators, meanwhile, are in risk mitigation mode. MSC has stopped all bookings for worldwide cargo destined for the Middle East, according to industry sources. 

Maersk has suspended all vessel movement through the Gulf of Hormuz and the Suez Canal. CMA CGM has also suspended all Suez Canal operations. 

Meanwhile, India's ministry of ports, shipping and waterways is closely monitoring the evolving maritime security situation in the Persian Gulf and has strengthened precautionary measures to safeguard Indian-flagged vessels and Indian seafarers operating in the region, said a release from the ministry.