India and US discuss marine cover for energy shipments

India is in discussions with the United States to secure marine insurance coverage for vessels shipping oil from the Middle East, aiming to shield buyers from potential supply disruptions. This move follows an order from the U.S. administration for the International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade. Additionally, the U.S. Navy may begin escorting vessels through the Strait of Hormuz, a critical lane between Iran and Oman through which a fifth of global Brent Crude Oil and gas supplies pass.