The US military has overseen a covert ship-to-ship oil transfer network off the coasts of the United Arab Emirates and Oman since early May to route tankers around Iran’s blockade of the Strait of Hormuz. At least 92 ships have participated, and satellite imagery dated June 11 showed 17 pairs of vessels transferring cargo at the same time. Based on tanker capacities, Reuters estimated that at least 90 million barrels of crude and petroleum products may have moved through the network since early May. The operation drew added attention after Iran shot down a US Apache helicopter on June 9, triggering retaliatory US strikes.

At Mindmine Summit 2026, former India G20 Sherpa Amitabh Kant said a war in West Asia that shuts the Strait of Hormuz would push crude prices from about $60 a barrel to about $110 a barrel. He said such a shock would pose serious risks to India’s macroeconomic stability. Kant added that higher oil prices could weaken the currency and damage long-term growth prospects, underscoring the need for energy independence. The conference focused on energy independence and the clean transition, with geopolitics framed as an immediate threat to oil supply chains.