Tanker Shipping ETF Surges Over 600% Amid U.S.-Iran Conflict as Oil Prices Rise

The Breakwave Tanker Shipping ETF (BWET) has surged more than 600% since the beginning of the year, significantly outperforming crude oil and energy stocks amid the U.S.-Iran conflict. This performance comes as the war stretches into its second full month, with disruptions affecting global energy markets.

Chevron CEO Mike Wirth addressed the situation in a Sunday interview, highlighting the impact on oil supply. He noted that significant supply has been taken out of the system due to the conflict. The ETF's gains reflect heightened demand for tanker shipping amid geopolitical tensions.

Wirth stated that upward pressure on oil prices is likely to continue. >"We’re in a period where there’s been significant supply taken out of the system, and we are facing this upward pressure…" — Chevron CEO Mike Wirth, Sunday interview (The Hill). This assessment aligns with market trends observed since the conflict began.

The U.S.-Iran war has led to volatility in energy markets, with tanker shipping benefiting from rerouting and increased freight rates. Energy stocks have not seen similar gains, according to reports on the ETF's performance. The conflict's duration, now in its second month as of early May 2026, underscores the sustained economic effects.