Reuters investigation finds Iran’s sanctions-evasion network of 5,000 entities procured over $2 billion in military equipment since January 2025
Published . Updated .
Reuters investigation reported by Voice of Emirates says Iran used a 5,000-entity network to evade sanctions and procure $2B in military equipment since 2025.
Directly affected
- No company is named in this report.
Indirectly affected
- ITA iShares U.S. Aerospace & Defense ETF-3.0% 30d
iShares U.S. Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “military” (defense) in this story.
- XAR SPDR S&P Aerospace & Defense ETF-6.6% 30d
SPDR S&P Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “military” (defense) in this story.
- USO United States Oil Fund+13.9% 30d
United States Oil Fund: its price follows crude oil. Linked by “iran” (oil) in this story.
- BWET Breakwave Tanker Shipping ETF-3.3% 17d
Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “iran” (tanker shipping) in this story.
- UAE iShares MSCI UAE ETF
iShares MSCI UAE ETF holds stocks listed in the UAE, which this story is about (“emirates”).
- XOM ExxonMobil Holdings+10.6% 15d
ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “iran” (oil) in this story.
- CVX Chevron+15.7% 30d
Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “iran” (oil) in this story.
- COP ConocoPhillips+4.8% 30d
ConocoPhillips (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “iran” (oil) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| ITA | -3.96% | -0.11% | base | after close | after close | after close | after close |
| XAR | -2.82% | +1.94% | base | after close | after close | after close | after close |
| USO | +4.37% | +7.30% | base | after close | after close | after close | after close |
| BWET | -1.54% | +2.86% | base | after close | after close | after close | after close |
| UAE | +2.37% | -0.31% | base | after close | after close | after close | after close |
| XOM | +0.06% | +1.89% | base | after close | after close | after close | after close |
| CVX | +0.19% | +1.58% | base | after close | after close | after close | after close |
| COP | +0.74% | +2.12% | base | after close | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
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Reuters investigation finds Iran’s sanctions-evasion network of 5,000 entities procured over $2 billion in military equipment since January 2025 fundsforNGOs News
Source: fundsforNGOs News
The price since 3 Nov 2026: IShares U.S. Aerospace & Defense ETF (ITA) versus the S&P 500
| Company | When | Move | Status |
|---|---|---|---|
| Amplify Commodity Trust (BWET) | three days earlier | +2.86% | final price |
| Amplify Commodity Trust (BWET) | five days earlier | -1.54% | final price |
| Conocophillips (COP) | three days earlier | +2.12% | final price |
| Conocophillips (COP) | five days earlier | +0.74% | final price |
| Chevron (CVX) | three days earlier | +1.58% | final price |
| Chevron (CVX) | five days earlier | +0.19% | final price |
| IShares U.S. Aerospace & Defense ETF (ITA) | three days earlier | -0.11% | final price |
| IShares U.S. Aerospace & Defense ETF (ITA) | five days earlier | -3.96% | final price |
| UAE | three days earlier | -0.31% | final price |
| UAE | five days earlier | +2.37% | final price |
| United States Oil Fund (USO) | three days earlier | +7.30% | final price |
| United States Oil Fund (USO) | five days earlier | +4.37% | final price |
| Spdr Series Trust (XAR) | three days earlier | +1.94% | final price |
| Spdr Series Trust (XAR) | five days earlier | -2.82% | final price |
| ExxonMobil Holdings (XOM) | three days earlier | +1.89% | final price |
| ExxonMobil Holdings (XOM) | five days earlier | +0.06% | final price |
Trades by members of Congress and officials in the stocks in this story
- Rep. Pete Sessions sold ExxonMobil Holdings (XOM), worth $1,001 - $15,000 on 14 Oct 2026. That is 20 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 64 days before publication. Filed 25 Sep 2026. View the filing.
- Rep. Pete Sessions sold Chevron (CVX), worth $15,001 - $50,000 on 14 Oct 2026. That is 20 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold Chevron (CVX) (jointly held), worth $15,001 - $50,000 on 23 Sep 2026. That is 41 days before publication. Filed 13 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Chevron (CVX), worth $1,001 - $15,000 on 2 Sep 2026. That is 62 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Conocophillips (COP) (held by a spouse), worth $1,001 - $15,000 on 26 Aug 2026. That is 69 days before publication. Filed 14 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Conocophillips (COP) (held by a spouse), worth $1,001 - $15,000 on 24 Aug 2026. That is 71 days before publication. Filed 14 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Conocophillips (COP), worth $1,000,001 - $5,000,000 on 21 Aug 2026. That is 74 days before publication. Filed 8 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who collects and who pays in defense
Companies mentioned with this story
- ITA IShares U.S. Aerospace & Defense ETF
IShares U.S. Aerospace & Defense ETF (ITA) is linked, with no stored direction, medium confidence in the 3 Nov 2026 story “Reuters investigation finds Iran’s sanctions-evasion network of 5,000 entities procured over $2 billion in military equipment since January 2025.” Reason on file: iShares U.S. Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “military” (defense) in this story
- XAR Spdr Series Trust
For “Reuters investigation finds Iran’s sanctions-evasion network of 5,000 entities procured over $2 billion in military equipment since January 2025,” Spdr Series Trust (XAR) is linked, with no stored direction, medium confidence. Reason on file: SPDR S&P Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “military” (defense) in this story
- USO United States Oil Fund
For “Reuters investigation finds Iran’s sanctions-evasion network of 5,000 entities procured over $2 billion in military equipment since January 2025,” United States Oil Fund (USO) is linked, with no stored direction, medium confidence. Reason on file: United States Oil Fund: its price follows crude oil. Linked by “iran” (oil) in this story
- BWET Amplify Commodity Trust
Amplify Commodity Trust (BWET) is linked, with no stored direction, medium confidence in the 3 Nov 2026 story “Reuters investigation finds Iran’s sanctions-evasion network of 5,000 entities procured over $2 billion in military equipment since January 2025.” Reason on file: Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “iran” (tanker shipping) in this story
- XOM ExxonMobil Holdings
In “Reuters investigation finds Iran’s sanctions-evasion network of 5,000 entities procured over $2 billion in military equipment since January 2025,” ExxonMobil Holdings (XOM) is linked, with no stored direction, medium confidence. Reason on file: ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “iran” (oil) in this story
- CVX Chevron
Chevron (CVX) is linked, with no stored direction, medium confidence in the 3 Nov 2026 story “Reuters investigation finds Iran’s sanctions-evasion network of 5,000 entities procured over $2 billion in military equipment since January 2025.” Reason on file: Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “iran” (oil) in this story
- COP Conocophillips
In “Reuters investigation finds Iran’s sanctions-evasion network of 5,000 entities procured over $2 billion in military equipment since January 2025,” Conocophillips (COP) is linked, with no stored direction, medium confidence. Reason on file: ConocoPhillips (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “iran” (oil) in this story
- SHEL Shell
In “Reuters investigation finds Iran’s sanctions-evasion network of 5,000 entities procured over $2 billion in military equipment since January 2025,” Shell (SHEL) is linked, with no stored direction, medium confidence. Reason on file: Shell (crude petroleum and natural gas): oil producers' profits rise and fall with crude prices. Linked by “iran” (oil) in this story
How defense news reaches IShares U.S. Aerospace & Defense ETF (ITA)
IShares U.S. Aerospace & Defense ETF (ITA) is the company in “Reuters investigation finds Iran’s sanctions-evasion network of 5,000 entities procured over $2 billion in military equipment since January 2025,” the 3 Nov 2026 Defense story.
The link for IShares U.S. Aerospace & Defense ETF (ITA) is this: iShares U.S. Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “military” (defense) in this story
Also listed, Spdr Series Trust (XAR): SPDR S&P Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “military” (defense) in this story
Price levels for IShares U.S. Aerospace & Defense ETF (ITA)
ITA traded between 197.59 and 215.76 across 20 sessions. The latest close on file is 209.72. USO traded between 141.82 and 171.80 across 20 sessions. The latest close on file is 168.83. XAR traded between 210.89 and 237.55 across 20 sessions. The latest close on file is 227.38.
What the saved facts support for IShares U.S. Aerospace & Defense ETF (ITA)
46 out of 100
“Reuters investigation finds Iran’s sanctions-evasion network of 5,000 entities procured over $2 billion in military equipment since January 2025” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.