"This will be available to all shipping lines. If necessary, the US Navy will begin escorting tankers through the Strait of Hormuz as soon as possible," Trump writes on his platform.
Trump says he has ordered the government financial institution DFC to provide the insurance for a "reasonable price." It is unclear what he means by a "reasonable price."
Shipping through the Strait of Hormuz in the Persian Gulf has been virtually halted, with Iran attacking several commercial vessels in the area. Iran's Revolutionary Guard has warned that it will 'set fire' to any ships that try to pass through.
The strait is the world's most important transport route for oil exports - normally 20 million barrels of oil pass through every day.
