The Trump administration is in talks with at least one major insurance brokerage company on how to allow ships to pass through the Strait of Hormuz again.

Marcus Beck, Global Maritime, Cargo, and Logistics Leader at insurance brokerage firm Marsh Risk, stated that a team from the company met with US government officials on Tuesday and proposed to help the US government establish an insurance mechanism to reduce shipping risks and lower ship insurance costs. Since Iran warned of possible attacks on ships in strategic waterways, energy prices have surged, leading to almost a standstill in oil transportation.