Shadow Fleet Keeps Oil Moving as Hormuz Goes Quiet
With the Strait of Hormuz effectively closed amid US–Iran–Israel tensions, hundreds of tankers are stranded, but a “shadow fleet” of vessels that fly opaque flags, dodge insurers, alter identifiers, and conduct open-ocean transfers continues moving oil. The maritime system is voluntary—ships can switch flags, disable transponders, and rely on unknown insurers—so those skirting the rules can keep trade flowing even as compliant ships sit idle. This crisis highlights that the enforcement of shipping rules hinges on voluntary participation, and that, for now, illegal oil is the only oil moving.