President Trump said the U.S. will "immediately" offer "political risk insurance and guarantees" for energy tankers and other ships in the Gulf region , and that the Navy will escort tankers through the Strait of Hormuz if needed. Why it matters: The White House is trying to ease oil price spikes that are starting to boost U.S. gasoline prices. His statement on Truth Social comes as tankers are avoiding the Strait of Hormuz, the narrow waterway abutting Iran that handles a whopping one-fourth or so of the world's maritime oil trade, and huge amounts of liquefied natural gas, too. Driving the news: Trump said the financial assurances would be offered through the U.S. Development Finance Corp. at a "reasonable price." "If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible," he wrote. "No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD." This is breaking news.