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Roughly one-quarter of large oil tankers trapped in the Persian Gulf have escaped, while the US extends Russian oil sanctions to ease shortages.
Roughly one-quarter of the non-Iranian large oil tankers trapped inside the Persian Gulf following the outbreak of the Iran war have managed to escape, according to shipping data [1]. The vessels have slipped out in a slow trickle, utilizing unconventional maneuvers to navigate the shuttered Strait of Hormuz [1]. Meanwhile, the U.S. government has extended a waiver on Russian oil sanctions for another 30 days to address global supply shortages caused by the conflict [2].
Key takeaways
Shipping data compiled by Bloomberg shows that 29 of the 109 larger vessels capable of hauling 700,000 barrels or more have crossed the chokepoint since the conflict erupted on Feb. 28 [1]. To avoid the threat of rockets launched from shore, many ships have resorted to crossing under the cover of darkness or switching off their Automatic Identification System to broadcast their position, a practice known as "going dark" [1]. Chevron Chief Executive Officer Mike Wirth noted that the company currently has six vessels in the Gulf under charter, though ship owners ultimately decide whether to attempt the transit [1].
The situation is complicated by Iran's attempt to establish a "toll booth" for ships crossing the strait, demanding fees of as much as $2 million for a single transit near its shore [1]. It is not clear how successful Tehran has been in collecting these fees [1]. While the escaped tankers have transported roughly 520,000 barrels a day, this flow remains a fraction of the crude and products still locked inside the Gulf and is eclipsed by alternative pipelines used by Saudi Arabia and the United Arab Emirates [1].
The successful transits arrive as the global market faces record depletion of inventory buffers, with the escaped oil snapped up by buyers [1]. In response to the supply squeeze, U.S. Treasury Secretary Scott Bessent announced a 30-day extension allowing countries to import Russian oil already in tankers at sea [2]. This policy reversal aims to aid poorer nations and reduce shortages that are driving up prices, though it carries the risk of helping Russia finance its war in Ukraine [2].
The market volatility has also significantly benefited European oil majors. TotalEnergies, Shell, and BP all pointed to robust trading results as they reported stronger-than-expected profits through the first three months of the year [3]. Analysts note that these European firms have a competitive advantage over U.S. rivals like Exxon Mobil and Chevron during periods of high volatility, such as the current conflict, because their large trading organizations can capitalize on rapid price swings [3].
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The situation highlights the fragility of global energy supply chains, as the closure of the Strait of Hormuz has triggered the biggest energy-supply disruption in history [1]. While the flow of escaped oil remains modest compared to pre-war levels, it provides badly needed supplies to a nervous market and frees up fleet capacity for future use [1]. Diplomatic efforts continue, with the U.S. and Iran reaching a preliminary deal to extend a ceasefire by 60 days, offering hope for a resolution to a conflict that has killed thousands and roiled the global economy [1].
AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 3 outlets · Jun 3, 2026 · How we report