US allowing 'dark fleet' oil tankers to ship crude, Energy Secretary says
Energy Secretary Chris Wright said the Trump administration is allowing oil tankers under sanctions to begin a process to legitimately ship crude, under which investors would buy and refurbish idled sanctioned tankers and use them to transport legal oil. He said there are about 1,600 tankers in the "dark fleet" and that dozens or hundreds could be added to the legitimate fleet, and rejected the idea that the process amounts to dropping penalties on ships carrying crude from Russia, Iran or other sanctioned countries. Analytics firm Kpler estimated that only 24 of the roughly 160 vessels under Treasury Department sanctions could return to mainstream trade, and said easing sanctions on the shadow fleet would have little effect on record freight rates.
Why it matters: The measure links sanctions policy to energy prices, as the administration seeks to lower crude costs during the prolonged closure of the Strait of Hormuz.