From CNBC.

A hidden network of oil tankers known as the shadow fleet has become a critical force in global energy markets. These vessels move sanctioned oil by concealing their locations, ownership and routes, allowing billions of barrels of crude to reach buyers despite international sanctions. In 2025 alone, shadow fleets transported an estimated 3.7 billion barrels of oil, accounting for up to 7% of global crude flows. CNBC’s Lori Ann LaRocco explains what the shadow fleet means for oil prices.

Produced, shot and edited by: Charlotte Morabito
Reporting by: Lori Ann LaRocco
Animation: Jason Reginato
Senior Director of Video: Lindsey Jacobson
Archival Support: Debra Schooley, Doris Breitfeller, Alana Cooley
Additional Footage: Getty Images, Associated Press, État-Major Des Armées

» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Watch CNBC on the go with CNBC+: https://www.cnbc.com/WatchCNBCPlus

About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.

Want to get ahead at work with AI? Sign up for CNBC’s new online course, Beyond the Basics: How to Use AI to Supercharge Your Work. Learn advanced AI skills like building custom GPTs and using AI agents to boost your productivity today. Sign up today: https://cnb.cx/4qKBe6H

Connect with CNBC News Online
Get the latest news: https://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC on Threads: https://cnb.cx/threads
Follow CNBC News on X: https://cnb.cx/FollowCNBC
Follow CNBC on WhatsApp: https://cnb.cx/WhatsAppCNBC

#CNBC

How Sanctioned Oil Reaches Global Markets