The Tech Making ‘Dark-Fleet’ Tankers Into Ticking Time Bombs

Summary

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WSJ What’s News – Episode Summary

Episode: The Tech Making ‘Dark-Fleet’ Tankers Into Ticking Time Bombs
Date: June 18, 2026
Host: Alex Osola, The Wall Street Journal

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Episode Overview

This episode focuses on the rising risks posed by the so-called “Dark Fleet” – a loose grouping of aging oil tankers moving sanctioned oil around the globe using shadowy practices and increasingly dangerous digital technologies. The hosts unpack the implications of the recent Iran peace deal for global oil markets and security, examine the critical vulnerabilities aboard these tankers, and discuss how cyber threats could turn these ships into environmental and geopolitical time bombs. The episode also touches on relevant geopolitical events, Supreme Court rulings, and lighter business stories.

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Key Discussion Points & Insights

1. NATO Defense Spending & US Pressure (00:49–02:00)

• Backdrop: Coverage of the US pressuring European NATO members to increase military spending.
• Key Quotes:
  • “Our annual NATO dues will be contingent on other countries meeting their defense spending targets.” — John McCormick/J.D. Vance (01:29–01:39)
• Implication: The US may reduce financial support if European nations don't boost commitment.

2. Iran Peace Deal & Oil Market Repercussions (02:00–03:35)

• Deal Highlights:
  • The US lifts Iranian oil sanctions, reopening the Strait of Hormuz and easing global energy concerns.
  • The deal allows tankers previously ferrying sanctioned oil (the “Dark Fleet”) to ramp up operations.
• Security Concerns: Anxiety over these tankers' condition and the threat they pose.
• Notable Quote:
  • “As they dial up their good behavior, we can dial up the economic relief. If they dial down their good behavior, we can turn it off.” — J.D. Vance (02:58)

3. Risks of the Dark Fleet & Exploitative Technology (03:35–06:15)

Interview with Shelby Holiday, WSJ Senior Video & National Security Reporter

• Dark Fleet Endures:
  • Even with eased sanctions, “These ships will still be out there … still fly false flags … still engage in these deceptive practices.” — Shelby Holiday (04:23)
  • The problem could worsen as Iran exports more oil.
• Technological Vulnerabilities:
  • “What worries authorities is that the ships are basically giant machines … connected to the Internet at all times, … using software, pirated software that's loaded with malware ... remote desktop applications where people can remote into the ship, the data and the systems on the ship can be manipulated ... accidental ... malware, or ... purposeful.” — Shelby Holiday (04:47)
  • Hackers or even insiders could trigger explosions or oil spills.
• Potential Catastrophes:
  • “It's a small miracle” that one of these tankers hasn’t caused a major incident yet (05:34).
  • Some incidents may have gone undetected due to remote operating locations.
• Enforcement & Awareness:
  • US authorities hope sharing this info will “open the eyes of other countries to how dangerous the Dark Fleet is.” — Shelby Holiday (06:00)
  • Crackdown is urged to continue despite the new Iran deal.

4. Market Reactions & Business Updates (06:24–07:30)

• Stock Movements:
  • NASDAQ up 1.9% on peace deal news.
  • Intel shares jump over 10% due to a US chip partnership with Apple.
  • Brent crude stabilizes.
• Derivatives Lawsuit:
  • CME Group sues CFTC over perpetual futures (“perps”), aiming to block prediction market rival Kalshi.
  • “CME argues that The CFTC violated U.S. law when it recently approved Kalshi's plan to list perpetual futures contracts known as perps. That's a kind of derivative that never expires and trades 24/7.” — Alex Osola (06:50)
• Corporate Impact:
  • Accenture cuts sales guidance, with a $400m hit to Middle East sales. Shares fall 18% (record one-day drop).

5. Other Major News (08:23–11:45)

• Supreme Court Ruling on Gun Ownership & Drug Use:
  • 9-0 ruling finds Congress cannot enact a blanket ban on gun ownership for all drug users (08:23).
• Obama Presidential Center Opens:
  • Noteworthy for its size, ambition, and cost ($850m, the most of any presidential library).
  • “It's a lot more than just a museum … They wanted something that they felt would stimulate economic development in this neighborhood” — John McCormick (10:07)
• M&Ms Debut New Natural Colors:
  • Mars removes artificial dyes (with blue and brown as ongoing challenges).
  • “The new blue comes from an algae called spirulina, and it's been difficult for the company to produce it affordably at scale.” — Alex Osola (11:20)

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Notable Quotes & Memorable Moments

• On tanker tech risks:
  “The ships are basically giant machines ... connected to the Internet at all times ... using pirated software ... remote desktop applications ... the data and the systems on the ship can be manipulated … could be a hacker or the ship administrator himself trying to mess with the systems to blow the ship up.”
  — Shelby Holiday (04:47)
• On luck averting disaster:
  “The Coast Guard officials I talked to said it's a small miracle [nothing major has happened yet].”
  — Shelby Holiday (05:34)
• On US leverage in Iran deal:
  “As they dial up their good behavior, we can dial up the economic relief. If they dial down their good behavior, we can turn it off.”
  — J.D. Vance (02:58)
• On the Obama Center's ambition:
  “It's a lot more than just a museum … stimulate economic development in this neighborhood.”
  — John McCormick (10:07)

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Key Timestamps

• 00:49–02:00: NATO budget & US-European tensions
• 02:00–03:35: Iran peace deal, Strait of Hormuz reopening
• 03:35–06:15: Dark Fleet, tech risks, cyber-security fears
• 06:24–07:48: Stock market and business news, CME lawsuit
• 08:23–09:20: Supreme Court ruling on drugs & gun ownership
• 09:20–10:56: Obama Presidential Center
• 11:20–11:45: Mars and natural M&M colors

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Tone & Language

The episode maintains an urgent, serious tone when discussing the security and environmental risks of shadowy oil tankers but is concise and brisk on headline news and business matters. Shelby Holiday’s insights are plainspoken, accessible, yet often alarming in their implications, while Alex Osola provides clear, factual wrap-ups. The lighter stories (Obama Center, M&Ms) close the episode on a more upbeat, informative note.

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Final Takeaways

• The reopening of the Strait of Hormuz and Iran sanctions relief may boost global oil supply but heightens risks from Dark Fleet tankers, whose obsolete and vulnerable tech could lead to disaster.
• US strategic posture in NATO and the Middle East remains volatile, with shifting policies on defense spending and international deals.
• Other breaking news includes a Supreme Court decision on gun rights, a milestone presidential library opening, and a food innovation saga with M&Ms.
• Across topics, the episode highlights the complex interplay between global markets, security, policy, and everyday life.

Transcript

[Alex Osola]

Look, when people start to gamify investing, right? So when you think about people being rewarded with balloons and fireworks for trading, which we know the more you trade, the worse off you're gonna be in the long run. I'm Joe Davis. And I'm Christine Kashkari. And this is season two of Better Vantage by Vanguard, an eight part video podcast series hosted by custom content from WSJ and Vanguard. The Supreme Court says Congress can't ban drug users from owning guns. Plus, the technology that helps tankers move sanctioned oil around the world also makes them ticking time bombs.

[Shelby Holiday]

These ships are massive oil tankers carrying millions of barrels of volatile crude oil. And so what scares authorities is that they could explode or they could cause massive oil spills that would be a problem for the rest of the world.

[Alex Osola]

And there's a new legal fight over perps popular derivatives that trade 24. 7 and never expire. It's Thursday, June 18th. I'm Alex Osola for the Wall Street Journal. This is the PM Ed of what's news, the top headlines and business stories that move the world today. We start today's show at NATO headquarters in Brussels where Defense Secretary Pete Hegseth was turning up the pressure on European members of the alliance. The Trump administration has pushed Europeans to boost their military budgets and they've agreed to spend 5% of their GDP on defense. Hegseth today threatened to cut how much the US Gives to NATO if European countries don't meet their commitments.

[John McCormick]

Our annual NATO dues will be contingent

[J.D. Vance]

on other countries meeting their defense spending targets.

[John McCormick]

Where other allies do not spend with

[J.D. Vance]

urgency, our dues contributions will go down. NATO will be a two way street.

[Alex Osola]

The US currently contributes about 15% of NATO's annual budget, down from 22% a decade ago. NATO Secretary General Mark Ruta said in a press conference after the meeting that Hegseth was right to call for Europeans to take more responsibility. Still find allies holding back a little bit and needing to do more. And I think what he tried to do today is to keep the pressure on and I think that's good. Hagsats also today announced a review of the US Military presence in Europe. The Pentagon recently announced cutbacks to its troop presence there. That's upset US Lawmakers, including Republicans who have long supported the NATO alliance. And in Washington, Vice President J.D. vance defended the Iran peace deal which President Trump signed last night. Speaking Speaking at a White House press briefing today, Vance said it wouldn't matter if Tehran didn't honor its commitments because the US had already won. But is what the deal promised, including a reopening of the Strait of Hormuz already happening. U.S. central Command, which oversees U.S. forces in the Middle east, confirmed today that a blockade on Iranian ports had been lifted. Vance said Tehran hadn't fired on commercial vessels for two days in a row. He said ships carrying more than 12 million barrels of oil have passed through the strait over the past 24 hours.

[J.D. Vance]

As they dial up their good behavior, we can dial up the economic relief. If they dial down their good behavior, we can turn it off.

[Alex Osola]

As you heard on this morning's show, many in Israel are unhappy with the Iran deal. Vance today warned Israeli government officials from criticizing Trump over the agreement.

[J.D. Vance]

Donald J. Trump is the only head of state in the entire world who is sympathetic to the nation of Israel at this moment in time, and he happens to be the head of state of the world's superpower. If I was in the cabinet of the Israeli government, I might not be attacking the only powerful ally that I have anywhere left in the entire world.

[Alex Osola]

Trump has designated Vance to lead the next steps of negotiating with Iran over its nuclear program. The reopening of the Strait of Hormuz would relieve stress on global oil markets, analysts say. It could also mean that dozens of dilapidated old tankers that move sanctioned oil around the world will resume their trade, making the problem of the Dark Fleet worse. The Dark Fleet helps fund the Iranian and Russian governments, but the ships themselves are also dangerous. They carry digital tools that hackers can exploit. And US Security officials worry about the risk of explosions or oil spills. For more, I'm joined now by WSJ senior video and national security reporter Shelby Holiday. Shelby, let's start with the implications of the peace deal. It lifts sanctions on Iran's oil sales. Does that mean the global Dark Fleet is going away?

[Shelby Holiday]

This will not get rid of the Dark Fleet. They will still be out there on the water. They will still fly false flags. They will still engage in these deceptive practices. And so that piece of it will not change even if Iran has oil that is no longer sanctioned the way it used to be. So the Dark Fleet, actually, the problems could get worse as Iran is able to export more oil.

[Alex Osola]

What is it about the technology aboard these ships that makes them so risky?

[Shelby Holiday]

What worries authorities is that the ships are basically giant machines. And. And because they're connected to the Internet at all times, and because they are using software, pirated software that's loaded with malware, and they have these remote desktop applications where people can remote into the ship, the data and the systems on the ship can be manipulated and it could be accidental, it could be because of malware, or it could be purposeful. It could be a hacker or the ship administrator himself trying to mess with the systems to blow the ship up. These ships are massive oil tankers carrying millions of barrels of volatile crude oil. And so what scares authorities is that they could explode or they could cause massive oil spills that would be a problem for the rest of the world.

[Alex Osola]

So the fact that this hasn't happened yet, I mean, is that just pure luck?

[Shelby Holiday]

The Coast Guard officials I talked to said it's a small miracle. However, some of these Dark Fleet tankers operate in faraway corners of the ocean. And so it's possible there has been an oil spill. It's possible that there have been incidents that have gone unknown to the rest of the world.

[J.D. Vance]

Wow.

[Shelby Holiday]

Wild. Yeah, it's a little crazy.

[Alex Osola]

So now that the Coast Guard has a better sense of the technology on these ships, how does this information help the US and other countries potentially crack down on them?

[Shelby Holiday]

The Coast Guard hopes that by revealing this information, it will open the eyes of other countries to how dangerous the Dark Fleet is. Not just how bad they are, but how dangerous they are. They certainly hope that the crackdown on the Dark Fleet doesn't stop just because there's an Iran deal.

[Alex Osola]

That was WSJ senior video and national security correspondent Shelby Holiday. Thank you, Shelby.

[Shelby Holiday]

Thanks.

[Alex Osola]

The agreement to end the war is lifting stocks. The NASDAQ led the gains in the indexes and has finished up 1.9%. Intel shares today rose more than 10% on a US chip partnership with Apple announced by President Trump. In oil markets, Brent crude futures ended nearly unchanged, but they've dropped about 9% this week and they're trading just a few dollars above their pre war levels. CME Group has sued the top U.S. derivatives regulator, the Commodity Futures Trading Commission, or CFTC. CME is the leading exchange for futures trading and it wants to stop the predictions market company Kalshi from encroaching on its territory. CME argues that The CFTC violated U.S. law when it recently approved Kalshi's plan to list perpetual futures contracts known as perps. That's a kind of derivative that never expires and trades 24 7. A Kalshi spokeswoman said that the suit stemmed from a fear of competition. And consulting firm Accenture has cut its sales guidance for the fiscal year. Clients tightened their spending because of the Iran war. And Accenture's Middle east sales took a $400 million hit. Its stock closed down about 18%, its largest one day percentage decline on record and its lowest close in nearly a decade. Coming up, things that cost millions of dollars, constructing Barack Obama's presidential library and making blue M&Ms. That's after the break.

[Miriam Gottfried]

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[Alex Osola]

The Supreme Court ruled today that Congress can't ban all drug users from owning guns. In a 9, 0 decision, the court sided with a Texas man who used marijuana. He was convicted of violating a federal law that prohibits drug users from carrying guns. If this law sounds familiar to you, it's the same one that former President Biden's son Hunter was convicted under. He was later pardoned by his father. But the court hasn't fully struck down the law. The justices leave open the possibility of prosecuting people who are addicted to drugs or people who carry a gun while intoxicated. The Obama Presidential center is set to open to visitors tomorrow on Chicago's south side. Today was its opening ceremony, which was attended by Barack and Michelle Obama, as well as three other living former presidents, both Bill Clinton, George W. Bush, and Joe Biden. Donald Trump was not invited. We caught up with the Journal's own John McCormick right before the ceremony, and he said this presidential library looked pretty different from the others he had visited.

[John McCormick]

We're outside right now for the opening ceremony, and right in front of us is this roughly 250foot tower that is the main structure on this campus, which is about 19 acres. Close up, it looks impressive. It's covered with granite and it is supposed to make the shape of like four hands together, sort of reaching up towards the sky. And inside it has a lot of public art. On the very top floor, there is sort of an observation deck. They, they call it the sky Room. And, and it does have, you know, some pretty remarkable views of the south side. We're a good distance south of downtown Chicago's Loop where all the high rises are. So this building really does stand out in this neighborhood as being something that's pretty prominent.

[Alex Osola]

John says the library came with a hefty price tag.

[John McCormick]

The project ended up being about $850 million, which is by far the most expensive presidential library or presidential center that's been built. There's a variety of reasons for that. One, it just took a lot longer to build and so prices went up. It's also built in an urban environment where labor costs tend to be higher. Also, it's just like more ambitious in terms of its scope. There's a new branch of a Chicago public library that's on the campus. There is a sound studio for people in the neighborhood. There's a NBA regulation size basketball court. It's a lot more than just a museum here. That was something the Obamas were adamant about. They didn't just want a shrine to themselves, but they wanted something that they felt would stimulate economic development in this neighborhood, which is needed.

[Alex Osola]

It's free to use the outdoor areas of the campus and the public library, but the tickets for the museum are $30 for adults, the most expensive of any presidential library in the country. And finally, there's a new version of M&MS, making their debut later this summer, one without artificial dyes. It's part of a promise that Eminem's maker, Mars made under pressure from Health Secretary Robert F. Kennedy Jr. But it turns out there are two Eminem colors that are proving surprisingly tricky. Blue and brown, which actually includes a fair bit of blue. While other classic M and M's colors like red and yellow can come from beets and turmeric, the new blue comes from an algae called spirulina, and it's been difficult for the company to produce it affordably at scale. Instead, the four colors in the new mix will be red, orange, yellow and green. And the company says it's hoping to work out the kinks and add naturally colored blue and brown by 2028. And if you prefer your M&M's colors to come from artificial dyes, don't worry, they aren't going anywhere, at least for now. And that's what's news for this week. Tomorrow we're off for Juneteenth, but on Saturday you can still expect our weekly markets wrap up what's news in markets. Then on Sunday, we'll have an interview with New York Mayor Zoran Mamdani talking about his progressive plans for housing and how high costs are playing out in the midterms. That's in what's New Sunday. And we'll be back with our regular show on Monday morning. Today's show is produced by Anthony Bansi and Danny Lewis, with supervising producer Tali Arbel. Michael Lavalle wrote our theme music. Aisha Al Muslim is our development producer. Chris Zinsley is our deputy editor. And I'm Alex Osola. Have a great weekend, and thanks for listening. Hey, this is Telus Demos and I'm Miriam Gottfried. We're reporters at the Wall Street Journal and The hosts of WSJ's take on the Week. It's a weekly show that gives listeners a leg up in the world of markets and investing. From the Fed's moves to market bubbles, we dive into the biggest deals, key players, and business news ahead. If you're looking for more news and tools that you can use to help navigate the markets, consider becoming a subscriber to the Wall street journal. Visit subscribe WSJ.com takeontheweek to subscribe now.