Marsh, the world's largest insurance broker, said a US plan to insure tankers navigating the Strait of Hormuz could take several weeks to implement. President Donald Trump announced that the US International Development Finance Corporation would offer insurance 'at a very reasonable price' to ensure energy and commercial trade flow through the Gulf.

Marcus Baker, Marsh's global head of marine and cargo, said his team has already offered assistance to the DFC. He noted that arranging the details of any insurance program 'might take a few weeks.' The Strait of Hormuz handles roughly 20% of global oil shipments, making it a critical chokepoint for energy markets.

Vessel traffic through Hormuz has essentially halted amid regional tensions, causing oil stockpiles to back up in producing countries. While insurance could help mitigate financial risks, shipowners and crews remain nervous about transiting the vital waterway until hostilities cease. Marsh previously helped arrange coverage for Ukrainian exports through Black Sea corridors backed by the Ukrainian government.