A hidden tanker network is moving billions of barrels

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.