Business & Economy Trump’s insurance move for oil by Sylvan Lane - 03/03/26 6:41 PM ET by Sylvan Lane - 03/03/26 6:41 PM ET Share ✕ LinkedIn LinkedIn Email Email 96 Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy   The Big Story  Trump moves to give oil ships financial cover President Trump took steps Tuesday to prevent a sharp decline in global oil supply and give maritime shipping companies financial protection amid the war in Iran. © AP The president said Tuesday he was ordering the U.S. Development Finance Corp. (DFC), a federal agency, to provide political risk insurance for shipping companies traveling through the Persian Gulf. Oil prices have spiked since the U.S. and Israel launched strikes against Iran over the weekend, killing Iranian supreme leader Ayotollah Ali Khameni. Iran has said it would close the Strait of Hormuz in response, choking off the key maritime shipping lane for energy and other firms. In a post on Truth Social, Trump ordered DFC to offer “at a very reasonable price, political risk insurance and guarantees for the Financial Security of ALL Maritime Trade , especially Energy, traveling through the Gulf. This will be available to all Shipping Lines.” The president also said the U.S. Navy would escort oil tankers through the Strait of Hormuz “if necessary.” Trump’s move is intended to give oil and shipping companies financial cover for any losses sustain from attacks by Iran if they defy a Hormuz blockade or are otherwise caught in the hostilities in the gulf. The announcement helped bring stocks back from a deep Tuesday swoon, and pushed oil prices down after another spike earlier in the day.   Read more here .   Welcome to The Hill’s Business & Economy newsletter , I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.   Did someone forward you this newsletter? Subscribe here.   Essential Reads  Key business and economic news with implications this week and beyond:   OpenAI goes on defense as Anthropic surges after Pentagon fallout  OpenAI is in the hot seat this week over the artificial intelligence company’s new deal with the Pentagon, struck just hours after the agency’s negotiations with competitor Anthropic over safety guardrails fell apart.  Full Story   FDA sends warning to 30 telehealth companies selling ‘illegal’ GLP-1s The Food and Drug Administration (FDA) on Tuesday sent 30 telehealth companies warning letters about their “illegal” sales of compounded GLP-1s, building off increasing pressure to tamp down on the sale of these unapproved medications.  Full Story   Amazon data centers struck, damaged by drone strikes in Middle East Amazon on Tuesday said three data centers in the Middle East were recovering from drone strikes that left some of their customers without service.   Full Story   The Ticker  Upcoming news themes and events we’re watching: New York Fed’s Williams says tariff burden falls ‘overwhelmingly’ on U.S. businesses and consumers ( CNBC ) News Corp, Meta in AI Content Licensing Deal Worth Up to $50 Million a Year ( WSJ )   The Hill Event  Top Women in Policy   Join Sen. Patty Murray  (D-Wash.), Rep. Ashley Hinson  (R-Iowa) and top strategists on March 4 to spotlight the women driving the 119th Congress. From  AI to the economy , meet the women navigating the new political map. Register here . Click here to RSVP   In Other News  Branch out with more stories from the day: Your holiday gift returns might go to a landfill. Here’s what you can do about it Roughly a third of the time, returns don’t make their way to another consumer. Because frequently, … Full Story   Good to Know  Business and economic news we’ve flagged from other outlets: Wall Street’s Most Connected Black Woman Has An Ingenious Idea To Narrow The Wealth Gap ( Forbes ) Disney CEO Bob Iger says he prefers to stay only two years, calls streaming ‘the future’ ( CNBC ) Top Wall Street economist says ‘no landing’ scenario could trigger another tech-led selloff ( MarketWatch )   What People Think  Opinions related to business and economic issues submitted to The Hill: America’s cost-of-living crisis is entering its most brutal phase Relocation threats shouldn’t stop California from taxing billionaires     You’re all caught up. See you tomorrow!  Add as preferred source on Google Tags Copyright 2026 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Share ✕ LinkedIn LinkedIn Email Emai