Trump fails to strong-arm shipowners into supporting his 'free flow of energy' agenda

With the United States at war with Iran and the Iranian military firing missiles or drones at American military installations in a long list of Middle Eastern countries — including Saudi Arabia, Qatar, Kuwait, Bahrain, Jordan and the United Arab Emirates (UAE) — U.S. President Donald Trump is promising to "ensure the free flow of energy to the world." But according to reporting from The Guardian, that "free flow" is not materializing.

In an article published on March 10, The Guardian's Daniel Boffey reports that according to maritime records, only two vessels not connected to Iran or Russia have made successfully made the "chicken run" through the Strait of Hormuz since Trump made his promise.

"The Hormuz sea passage, one of the world's most strategically important choke points, would normally have about 100 vessels a day either exiting or entering the gulf," Boffey explains. "In response to the U.S. and Israeli attacks, Iran has effectively shut the strait, attacking at least 10 ships which were seeking to traverse it in the early days of the crisis. On Friday, (March 6), Trump announced a $20bn (£14.85bn) reinsurance scheme to revive shipping through the strait, which he said would come into effect immediately. He followed up by saying that shipowners should 'show some guts' by sailing through the war zone."

Boffey adds, "A small number of tankers and bulk carriers of dry goods have braved the crossing since Friday using a variety of methods to mitigate the risk, records show. ... Before the U.S. and Israeli attacks on Iran, about 20 percent of the world’s petroleum consumption and roughly one-fifth of the world's liquefied natural gas passed through the strait of Hormuz each day."

The Guardian reporter notes that on March 9, oil prices "jumped to as high as $119 a barrel, the highest since 2022, before dropping below $90 after Trump said the war with Iran could end 'very soon.'"

"As well as announcing his plan to insure ships making the journey on Friday," Boffey reports, "Trump had also suggested that naval escorts could be used to provide safe passage for tankers in the Gulf. Insurers have warned that such an escort would probably make the tankers more of a target."

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