SHIP WEDGED IN SUEZ CANAL CAUSES OIL PRICES TO RISE

A cargo container ran aground and blocked the Suez Canal on Tuesday, triggering a spike in oil prices after the lowest sell-off since February.

The delays and concerns over several ships having to take a longer route have dramatically impacted oil prices, teleSUR reported on March 25, 2021.

The 400 meters long and 60 meters wide ship was heading to Rotterdam when the wind from a sandstorm wedged it between the two sides of the human-made canal.

The event has caused a backlog of at least 100 ships waiting to cross on both sides of the canal, The Guardian and Al-Jazeera also reported.

On Wednesday, "US crude oil prices rose 5.9% to settle at $61.18 per barrel, and Brent futures climbed 5.6 percent to $64.19. But oil prices are down more than 14 percent from their recent highs earlier this month," the website Investors reported.

It is estimated that about 12 percent of global trade passes through the canal, including 1 million oil barrels a day. The infrastructure connects the Middle East to Europe and the US.

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