The Strait of Hormuz handles about a quarter of the world's seaborne oil trade and about a fifth of the world's supply of LNG. US strikes on Iran have effectively paralyzed it - almost no ships are entering or exiting.

This means higher oil and gas prices which will only push up inflation.

To stave off a potential energy crisis, President Donald Trump pledged to get the US Navy to escort ships through the waterway and insure them at a very reasonable price.

The industry is facing news of tankers getting hit, crew deaths, and higher insurance costs.

Marine insurers, ship owners and traders see Trump's offer as giving some form of comfort, but they remain skeptical without seeing details.

The US-backed premiums would have to be competitively cheaper.

Risks have escalated to the point where some major insurance associations are pulling some of that cover, offering to renegotiate those premiums higher.

Moving costly vessels and the cargo requires quite a bit of confidence, and it's unlikely that Trump's promises make it much safer for ship owners to engage in the trade, at least in the near term.

The risk to vessels and mariners is very real given the continued strikes. The number of escorts is also limited.

For now, the global shipping community is just waiting to see the fine print while continuing to make plans to get oil, gas and other cargo out of the Gulf safely.