By Yash Roy June 21, 2026 (Bloomberg) – The United States is working to improve shipping routes in the Strait of Hormuz, which will gradually allow more ships to pass through, though security in the area remains unsta...
By Yash Roy
June 21, 2026 (Bloomberg) – The United States is working to improve shipping routes in the Strait of Hormuz, which will gradually allow more ships to pass through, though security in the area remains unstable, according to Evan Greenberg, CEO of Chubb Ltd.
Greenberg, whose company provides insurance for commercial shipping, stated on Fox News’ Sunday Morning Futures, “It’s changing from day to day, even hour to hour.”
He highlighted that “mines pose the biggest risk” in the strait, where US and Iranian negotiators are currently discussing a permanent ceasefire and ensuring safe passage through the waterway.
“We are essentially dealing with a war-zone atmosphere,” Greenberg explained. “Only a small channel is being used for transit, which limits the number of ships that can navigate in and out. The Navy is working to expand the available shipping channels, and as more routes open, we can expect shipping activity to rise.”
Despite Iran's attempts to assert authority, including a recent announcement that it had closed the strait again, oil continues to flow. The US military’s Central Command reported that on Saturday, commercial traffic in the strait increased, with 55 merchant ships transporting cargo and over 17 million barrels of oil.
On Friday, Lloyd’s of London Ltd. and Chubb revealed a joint $400 million marine war risk insurance consortium to help companies navigate the Hormuz strait safely.
Additionally, the US International Development Finance Corp. announced a $20 billion reinsurance program in March, which Chubb and other firms joined in April, providing extra financial support.
The US military claims to have been protecting commercial vessels in the Strait of Hormuz from ongoing threats. They began guiding ships with their signals turned off, using a route that runs close to the coast of Oman, which has helped increase oil and cargo movement.