Since early May, the U.S. military has led large-scale ship-to-ship crude oil transfers near the Strait of Hormuz exit in the Gulf of Oman, involving at least 92 vessels and an estimated 90 million barrels. The operation uses drones, helicopters and secret routes to conduct transfers off Fujairah in the United Arab Emirates and off Oman’s port of Sohar, avoiding an Iranian-designated no-sail zone. An Apache helicopter shot down on June 9 underscored the mission’s high risk and helped fuel a higher geopolitical risk premium that has supported both spot and futures oil prices.