Trump Pledges Navy Escorts for Tankers, but Only 12 Ships Available

President Donald Trump announced that the U.S. Navy would escort oil tankers passing through the Strait of Hormuz "as quickly as possible when needed." He also pledged policies to reduce maritime shipping insurance costs. However, analysts say the limited number of U.S. warships in the Middle East may prove insufficient to prevent oil price surges.

"Under any circumstances, the United States will ensure the free flow of energy around the world," Trump wrote on Truth Social on June 3 (local time). He added that he had "directed the U.S. International Development Finance Corporation (DFC) to provide risk insurance and guarantees at very reasonable prices for all shipping through the Gulf region, especially energy transportation."

Iran's Islamic Revolutionary Guard Corps (IRGC) announced on June 2 that it would blockade the Strait of Hormuz, which handles 20% of global oil shipments, warning that "not a single drop of oil" would pass through. Trump's convoy proposal came after Brent crude and West Texas Intermediate (WTI) surged in response.

With the Strait of Hormuz threatened and risks of vessel seizures by Iran-backed Houthi rebels mounting in the Red Sea—a vital route connecting Asia and Europe—shipping companies and maritime insurers are reassessing Middle East risks. Some insurers have reduced coverage or raised premiums, while shipping companies have increased freight rates or suspended Middle East operations. The Trump administration aims to lower maritime insurance costs through DFC support.

However, Reuters reported, citing shipowners and experts, that "ship escorts and insurance support alone will not be enough to prevent oil price increases as long as the war continues." The number of U.S. vessels available to escort tankers is limited. The U.S. Navy currently has 12 warships in the Middle East capable of escorting merchant vessels, including aircraft carriers. Some of these ships are being used to strike Iran and intercept missiles.

Trump indicated that "additional measures will follow," drawing attention to potential policy announcements. Treasury Secretary Scott Bessent and Energy Secretary Chris Wright discussed related policies with Trump at the White House on June 3. A source said the Trump administration "has been reluctant to release strategic petroleum reserves, but if oil prices continue to rise, it may soon signal readiness to use them."

As of 10:35 a.m. Korea time on June 4, Brent crude futures were trading at $82.48 per barrel, up 0.63%, while WTI rose 1.1% to $76.36.