To keep cargo flowing, President Donald Trump said in a Truth Social post<\/a> on Tuesday that the U.S. Navy would start \u201cescorting tankers through the Strait of Hormuz\u201d if necessary. But since then, traffic has remained at a near standstill, and it\u2019s unclear if any tankers have taken the government up on its offer. <\/p>\n \u201cNaval escorts would help reduce the threat for the ships being protected,\u201d said Jakob Larsen, chief safety and security officer at global shipping organization BIMCO. \u201cThat said, providing protection for all tankers operating in areas currently threatened by Iran is unrealistic as this would require a very high number of warships and other military assets.\u201d <\/p>\n More than 150 vessels, including oil and liquid natural gas tankers, have been forced to anchor or reroute, causing significant operational challenges, according to insurance broker Marsh Risk. Insurers are canceling coverage under war risk policies, causing a coverage gap that is spiking the cost of safe passage. Marsh said that rates have surged from 0.25% to 1.25% of the value of the ship as of Tuesday and that more increases are expected with escalating tensions. <\/p>\n Trump has tried to alleviate the insurance issue, saying on Truth Social that he had ordered the U.S. International Development Finance Corporation to offer insurance to ships traveling through the gulf.<\/p>\n The corporation, which describes itself<\/a> as the \u201cinternational investment arm\u201d of the federal government, said in a statement<\/a> that it will \u201coffer support to commercial shipping charterers, shipowners, and key maritime insurance providers to minimize market disruptions and help ensure the free flow of goods and capital.\u201d<\/p>\n A narrow waterway that sits along the southern coast of Iran, the Strait of Hormuz gives passage to one-fifth of the world\u2019s oil supply and is a key route for other types of commodities like aluminum, sugar and fertilizer.<\/p>\n With shipping there at a near standstill, oil and gas prices have spiked. On Wednesday, U.S. gas prices topped $3.19 per gallon on average, up 22 cents from one week ago, according to AAA. They are now 10 cents higher on average than they were one year ago.<\/p>\n Gas prices had been a bright spot in the inflation story \u2014 and a strong talking point<\/a> for the Trump administration. Over the past year, gas prices had fallen<\/a> while prices for groceries<\/a>, auto insurance, housing and electricity all rose.<\/p>\n Now, with gas prices jumping and U.S. crude oil nearing $80 a barrel, that bright spot is starting to dim. Expensive crude typically feeds into higher gasoline and diesel prices, pushing inflation up and costing consumers more to fill up at the pump. At the same time, shipping disruptions can raise transportation and production costs \u2014 creating delays, port congestion and broader supply shocks.<\/p>\n And if prices stay elevated long enough, that can eventually push consumers to rein in spending, which hurts global growth.<\/p>\n \u201cThe real risk isn\u2019t an immediate goods shortage \u2014 it\u2019s sustained energy-driven cost inflation that works its way through global supply chains,\u201d said Matt Lekstutis, director at global supply chain and procurement consultancy Efficio. \u201cThis is a top priority for supply chain and procurement operators to address and monitor.\u201d <\/p>\n The combination of slower growth and higher inflation, an economic scenario known as stagflation, creates a complicated situation for the Federal Reserve, which has been trying to bring inflation down to its 2% target.<\/p>\n Although prices have moderated, with inflation 2.4% year over year as of January, it remains above the central bank\u2019s 2% target. If this conflict triggers an inflation spike, interest rates would likely remain higher for longer. Already, analysts have lowered their expectations of a Fed rate cut this month.<\/p>\n That could have wide-ranging impacts \u2014 including for anyone looking to buy or refinance a home. Mortgage rates had come down in the weeks leading up to the war \u2014 and dipped below 6% for the first time since 2022. Now, they\u2019re back up to 6.07%<\/a>.<\/p>\n Iran technically cannot close the Strait of Hormuz, but its officials earlier this week said the country would set fire on any ships trying to pass through, according to Iranian state media. The U.K.\u2019s Maritime Trade Operations said Wednesday that it received a report of a container ship hit by an \u201cunknown projectile.\u201d<\/p>\n Many major shipping and logistics companies have restricted or halted bookings through the region since the strikes on Iran began early Saturday morning, including Maersk, MSC Group, CMA CGM, Hapag-Lloyd, COSCO and Emirates SkyCargo. Exceptions are being made for essential goods including food and medicine.<\/p>\n<\/div>\n![\"\"\/](\"https:\/\/media-cldnry.s-nbcnews.com\/image\/upload\/t_focal-760x428,f_auto,q_auto:best\/mpx\/2704722219\/2026_03\/1772659131186_now_mtp_clip_iranpoll_260304_1920x1080-wmqomw.jpg\")
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