Iran Conflict Heats Up as US Prepares to Escort Tankers Through the Strait of Hormuz

The United States will offer insurance and naval escort for tanker ships traversing the Persian Gulf, President Donald Trump said on Tuesday, 3 March 2026, as the post-attack conflict between the US and Israel against Iran spreads across the Middle East and threatens to disrupt the global economy. Through social media, Trump said he had directed the United States International Development Finance Corporation (DFC) to immediately provide what he described as political risk insurance and financial security guarantees for maritime trade at ‘very affordable prices’ to all shipping companies. Amid rising oil prices, Trump said the insurance would be available, particularly for vessels in the Persian Gulf carrying energy supplies. He added that, if necessary, the US Navy would begin escorting tanker ships through the Strait of Hormuz, the world’s busiest oil shipping lane. Trump said his administration was also considering further measures to ensure reliable energy supplies for the world. Among countries heavily reliant on energy resources from the Middle East, Japan imports 95 per cent of its crude oil from the region, much of which passes through the Strait of Hormuz, located between Iran and Oman. Trump’s statement followed Saturday’s attack in which Iran’s supreme leader and several senior officials were killed, triggering broader conflict in the world’s most important oil-export region. In response to the joint US–Israel attack, Iran retaliated by striking energy facilities in the region and warning that any vessel attempting to pass through the Strait of Hormuz would be set on fire. With the Middle East increasingly volatile, Trump told reporters in the Oval Office during a meeting with German Chancellor Friedrich Merz that many officials considered potential future leaders of Iran had been killed in the US–Israel attack. Asked about the worst-case scenario for Iran, Trump replied that someone as ‘bad’ as the late Ayatollah Ali Khamenei could take over the country. Trump did not publicly state who should lead Iran in the future. ‘Most of the people we’re considering are dead,’ he said. ‘We have other groups. Reportedly, they may also be dead. So, I think there will be a third wave coming. Soon we will not recognise anyone.’ ‘We’ll see what happens, but first we have to neutralise the military,’ he added.