A US official has announced the US government’s plan to reduce sanctions on ships involved in the smuggling of sanctioned Russian, Iranian, and Venezuelan oil, known as the “shadow fleet.”

According to Reuters, the aim of this move is to reduce the charter rates of oil tankers and improve the transit situation for oil and oil products in global markets.

Charter rates for oil tankers have surged since the start of the Middle East war and the Islamic Republic’s attacks on ships, and in routes such as the waters south of Iran they have increased by more than 10 times; a factor that is among the reasons for the high oil prices in global markets.

In the meantime, the research institute “Energy Aspects” has also reported that Chris Wright, the US energy secretary, said in a video message to the Global Oil Congress being held in Riyadh that the government is reviewing the reduction of sanctions on the shadow fleet’s tankers in order to lower the shipping and transportation rates that have reached record levels and have contributed to lower demand for US crude oil.