Strategic Petroleum Reserve is an option. Strait of Hormuz traffic is practically non-existent. Oil price has risen ~10%; WTI benchmark over $80. Fear: if strait remains closed for many weeks, further run-up possible into triple digits. Also highlights huge impact on natural gas (LNG) exports from Qatar, causing volatile prices in Asia/Europe.

Military escorts are challenging due to volume of traffic (~80 tankers/day). US government covering insurance risk premium is a nice idea in principle but likely takes an awfully long time to implement. Questions political feasibility of covering foreign insurers/ships, especially if oil is going to China.