Wright: US Sanctions Relief for Shadow Fleet Will Involve S&P Deals
Energy Secretary Chris Wright told Bloomberg that sanctions on shadow fleet tankers will be removed when a sanctioned tanker is sold to a new owner and moved into legitimate trade, an arrangement he described as converting dark tankers to legitimate tankers. The administration says a tanker shortage motivates the move, with about 10 million barrels per day moving through the Strait of Hormuz and Middle East crude exports at about 80 percent of pre-conflict norms. High day rates for large tankers are sustaining benchmark crude prices above $100 per barrel, according to the text.
Why it matters: The arrangement links sanctions relief to secondhand tanker sales, making energy security and oil-price management central to the administration's policy.