Key facts
- Trafigura, Vitol, Mercuria and Abu Dhabi National Oil Co. are negotiating with US officials for licenses, Bloomberg reported, citing people familiar.
- The talks cover approximately 50 vessels under US sanctions, with Treasury considering approvals case by case.
- No decisions have been finalized, and US authorization would not lift EU or British restrictions on the vessels.
- Valero estimated shipping US crude to Asia at $30 to $35 per barrel, against about $5 a year earlier.
- Asian orders for US crude for November delivery fell roughly 50% in October, per the report.
- Many blacklisted tankers are aging and need repairs, inspections and insurance before conventional commercial service.
Trafigura, Vitol, Mercuria and Abu Dhabi National Oil Co. are negotiating with US officials for licenses to purchase or lease blacklisted oil tankers, Bloomberg reported on November 6, 2026, citing people familiar with the discussions. The talks involve approximately 50 vessels currently under US sanctions. Treasury officials are considering approvals on a case-by-case basis, and no decisions have been finalized.
The request follows months of shipping disruption stemming from the Iran war, which has forced tankers onto longer routes, raised insurance costs and tied up vessels in inefficient transfers around the Strait of Hormuz. The cost of chartering a supertanker from the US Gulf Coast to China reached nearly $80 million in October, roughly ten times the average rate before the conflict.
Valero estimated last month that shipping US crude to Asia had reached $30 to $35 per barrel, compared with approximately $5 a year earlier. Asian orders for US crude for November delivery fell roughly 50% in October, potentially pushing shipments to their lowest level in seven years, according to the report.
US Energy Secretary Chris Wright said last month that Washington was exploring arrangements allowing investors to acquire and refurbish blacklisted tankers for transporting legitimate oil cargoes. As of November 4, US sanctions covered 1,568 ships, including 462 crude tankers, according to Treasury data compiled by Bloomberg.
The potential benefit depends on which vessels receive approval. Restoring previously idled tankers would add actual shipping capacity, while legalizing vessels already carrying sanctioned oil would do considerably less to ease the shortage. Many blacklisted tankers are also aging vessels requiring repairs, inspections and insurance before entering conventional commercial service, and US authorization would not automatically remove restrictions imposed by the European Union or Britain.