March 11, 2026

Insurance giant Chubb will be the lead underwriter for a U.S. government-led program to provide insurance to ships making the risky transit through the Strait of Hormuz.

Chubb will work with the U.S. International Development Finance Corporation, or DFC, as part of a $20 billion plan to help get oil tankers and other commercial traffic moving again amid risks from the Iran war, the agency said.

Oil prices have spiked since the war began at the end of February. Brent crude traded above $91 a barrel midmorning Wednesday. Oil prices have stayed relatively high despite an announcement Wednesday that the International Energy Agency would coordinate the release of 400 million barrels from its member countries’ strategic petroleum reserves.

Read more:

https://www.cnbc.com/2026/03/11/iran-israel-war-strait-hormuz-shipping-oil-insurance.html