U.S. to set-up $20B reinsurance facility for Gulf shipping, FT reports

U.S. Development Finance Corporation chief executive Ben Black and Treasury secretary Scott Bessent will on Friday unveil that the DFC is creating a $20B reinsurance facility to restart maritime cargo and oil commerce stalled by the closure of the Strait of Hormuz following the American and Israeli strikes on Iran, reported Financial Times, which quotes Black as having said the facility would “restore confidence in maritime trade and stabilize international markets”. Publicly traded oil producers include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Shell (SHEL) and TotalEnergies (TTE).