Iran's loading of oil onto shipping vessels rose to nearly three times its weekly average in recent days, amid ongoing tensions and peace talks with the US, The Wall Street Journal reported on Tuesday.
According to the global commodity data provider site Kpler, the recent average has been approximately 10 million barrels of crude oil and condensate per week, while in the last week Iran loaded roughly 2.7 million barrels, the Journal reported. The monthly rate also jumped by 50%, from 1.54 to 2.3 million barrels per day.
Kpler analysts also stated that most of the loading was conducted "dark," with interference with vessel tracking and satellite navigation systems complicating monitoring and forcing verification via satellite imagery.
Iranian barrels are accumulating offshore, the Journal added, as China has been purchasing less oil from the country. Nearly 200 million barrels are estimated to be stored on the water.
US sanctions Iranian oil vessels
The US Treasury on Wednesday sanctioned 12 "shadow fleet" vessels and their owners or operators that have collectively transported hundreds of millions of dollars' worth of Iranian petroleum and petrochemical products.
A shadow fleet refers to ships that carry oil that is under sanctions. They are typically old, their ownership opaque, and they sail without the top-tier insurance cover needed to meet international standards for major oil companies and many ports.
"Iran exploits financial systems to sell illicit oil, launder the proceeds, procure components for its nuclear and conventional weapons programs, and support its terrorist proxies," Treasury Secretary Scott Bessent said in a statement.
Reuters contributed to this report.