Photos of isolated gas stations running out of diesel have circulated on social media amid record fuel price increases, but industry data shows no widespread shortages. Diesel prices have surged 68% year-over-year to $6.29 per gallon due to global supply disruptions from the U.S.-Israel war in Iran, which has blocked shipping through the Strait of Hormuz and reduced Russian production.
Commercial shipping is reviving wind propulsion systems to reduce fuel consumption, with over 100 large merchant ships now equipped with modern sails, rotor systems, and rigid wings. Major operators like Maersk, Vale, and Idemitsu are deploying these technologies on containerships, ore carriers, and tankers, while some vessels like France's Neoliner Origin use wind as primary propulsion. The shift represents a practical return to wind power alongside conventional engines as the technology moves from niche experiments to mainstream adoption.
The Dow Jones rebounded into positive territory following the Federal Reserve's quarter-point interest rate increase, while major stock indexes maintained their gains. Oil-and-gas shipping stocks, including Okeanis Eco Tankers and Frontline, posted robust gains.