Trump Urges Oil Tanker Crews to 'Show Some Guts' and Sail Through the Strait of Hormuz

President Trump urged oil tanker crews sailing in the Middle East to push through the Strait of Hormuz, saying ships have "nothing to be afraid of" after the US sank Iran's naval vessels. Iran began blocking the strait, which normally carries about one-fifth of the world's oil and liquefied natural gas, following US and Israeli strikes last month, before later saying the closure applied only to the US, Israel, and Western allies. Trump warned Monday that Iran would be hit "twenty times harder" if it stops oil flow through the strait. To back the call, the Treasury Department launched a $20 billion maritime reinsurance plan covering ships sailing through the Gulf region. Energy Secretary Chris Wright previously said oil price increases were driven purely by "fear and perception."