Washington: The US has an insurance plan ready for vessels transiting the Strait of Hormuz and is awaiting a military assessment before deploying naval escorts, Transportation Secretary Sean Duffy said Sunday. "We're ready on the insurance front; that's ready to go," Duffy told Fox News regarding federal insurance for ships in the strait.

According to Anadolu Agency, the decision on escort deployment is pending an analysis by Joint Chiefs of Staff Chairman General Dan Caine. "Could be a day, could be a week," Duffy mentioned. He indicated that partner countries would also participate in the escort effort, which will be activated once there is sufficient clarity on security risks.

Duffy added, "When those escorts and the insurance come together, you're going to start seeing oil flow." The strait has been effectively closed since early March amid Iranian retaliatory strikes against the US-Israeli strikes that began on February 28. These disruptions have significantly increased global oil and fertilizer prices.

US President Donald Trump stated Saturday that countries receiving oil through the waterway should take responsibility for its security, and the US would assist. He had previously suggested that naval escorts could begin "soon."

The US-Israeli strikes have reportedly resulted in approximately 1,200 casualties, including Supreme Leader Ayatollah Ali Khamenei. Additionally, fourteen US service members have died since the beginning of the campaign.