Size analysis of pyrite framboids has been undertaken on epicontinental Permian–Triassic boundary sections throughout the world in order to evaluate the intensity and duration of anoxia. Mid-paleolatitude sections from the margins of the Boreal (Spitsbergen, Greenland) and Neotethyan oceans (Western Australia) reveal intense anoxia throughout the Permian–Triassic boundary interval with euxinic conditions frequently developing, and dysoxia encountered even in relatively shallow-water settings above storm wave base. At equatorial paleolatitudes, weakly oxygenated (dysoxic) conditions are widely developed in a broad range of water depths including those shallow enough to produce oolite deposition, although euxinia was rare. Western and eastern Tethyan locations reveal a complex and unstable redox history: anoxia in the Hindeodus praeparvus Zone was replaced by oxygenated facies in the Permian–Triassic boundary interval (H. changxingensis to H. parvus zones). Oxygen-poor deposition returned during the succeeding Isarcicella isarcica Zone. The more persistent and intense development of oxygen restriction in cooler water, mid-paleolatitude sections argues against warming and dissolved oxygen decline as the key cause of Permian–Triassic boundary anoxia. In higher paleolatitudes the benthic invertebrate extinctions occurred during a prolonged phase of oxygen-poor deposition, while in equatorial Tethyan locations benthic losses occurred at the end of the first anoxic phase (in the late H. praeparvus Zone).