Marsh, the world’s largest insurance broker, said a U.S. plan to insure tankers navigating the Strait of Hormuz energy chokepoint could take a few weeks to arrange.

President Donald Trump said on March 3 that the U.S. International Development Finance Corporation would offer insurance “at a very reasonable price” to help ensure the flow of energy and other commercial trade in the Gulf. 

“We have spoken with the DFC earlier today and offered our assistance with the potential facility,” said Marcus Baker, global head of marine and cargo at Marsh. He added that it “might take a few weeks to work out the details” of any program.  

Vessel traffic through Hormuz has essentially halted, causing oil stockpiles to start backing up in producing countries and choking off energy exports from across the Persian Gulf. While insurance might help, shipowners and their crews will nevertheless still be nervous about transiting the vital waterway until hostilities cease.

Marsh helped arrange cover for ships handling Ukrainian exports through Black Sea corridors, in a facility backed by the Ukrainian government.