Oil prices stabilize as traders assess the United States' escort and insurance plans for vessels passing through the Strait of Hormuz.

Oil prices are stabilizing, with President Trump suggesting that the United States may provide insurance guarantees and naval escorts for oil tankers passing through the Strait of Hormuz. Transportation through the channel has almost come to a standstill since the outbreak of the Iran war. After a two-day 11% increase, WTI crude oil prices fluctuated slightly below $75 per barrel. The global benchmark Brent crude oil closed near $82 per barrel. Trump said on Tuesday that the US Development Finance Corporation will provide insurance to ensure the circulation of energy and other commercial trades and will provide naval escorts "when necessary." "In any case, the United States will ensure that energy flows freely to the world," he posted on social media, but did not provide details on the security mechanism that will be offered. The institution is usually used to mobilize private capital for developing countries and reduce investment risks in poorer countries.