US President Donald Trump says will provide insurance for ships in Gulf amid Iranian attacks

FXStreetMar 4, 2026 12:13 AM

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US President Donald Trump said the country's navy will offer insurance to ships in the Gulf after Iran largely succeeded in shutting down the Strait of Hormuz, BBC reported on Tuesday. Trump added that the US military will accompany ships through Hormuz if necessary.

His remarks came after an Iranian official on Monday threatened to "set fire" to any ship trying to pass through the Strait of Hormuz, and the Iranian military has reportedly fired on several vessels in the area.

Market reaction

At the time of writing, the Gold price (XAU/USD) is trading 0.24% lower on the day to trade at $5,100. Meanwhile, the West Texas Intermediate (WTI) is up 3.22% on the day at $73.60.

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