President Donald Trump promised Tuesday to deploy the U.S. Navy to escort oil tankers through the Strait of Hormuz if necessary, as Iranian threats to set passing ships ablaze rattled global energy markets and sent oil and gas prices sharply higher.

“If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible,” Trump posted on his Truth Social platform. “No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD.”

Trump also directed the U.S. International Development Finance Corporation to offer risk insurance and guarantees for all maritime trade in the region. While primarily targeting energy shipments, the coverage would be available to all shipping companies operating in the area.

The moves came as Iran’s threats to attack vessels transiting the narrow waterway between Iran and Oman — the only passage connecting the Persian Gulf to the world’s oceans — triggered growing alarm among energy traders and governments dependent on Gulf crude.

The strait is bordered by some of the world’s most productive oil-producing nations, including Saudi Arabia, Iraq, Kuwait, Qatar, Bahrain, the United Arab Emirates and Iran itself. It handles roughly 20 percent of the world’s daily oil and gas trade, making it one of the most consequential chokepoints in the global energy system.

Oil and gas prices have surged since hostilities escalated, with Brent crude climbing past $84 per barrel — its highest level in months — as markets priced in the risk of prolonged supply disruptions.