US to escort Gulf vessels amid insurance crisis, Nigeria fuel prices rise
US President Donald Trump announced military and financial measures to protect Gulf energy shipments after major insurers withdrew war risk coverage. The US Navy may escort tankers through the Strait of Hormuz while the Development Finance Corporation (DFC) will provide political risk insurance for maritime trade. This follows insurer withdrawals effective March 5 after vessel attacks. The crisis impacts global oil markets, with Saudi Aramco halting refinery operations and QatarEnergy suspending LNG production. Nigeria's fuel prices increased to N960/litre at NNPC pumps, reflecting global crude price surges.