On Tuesday, March 23rd, the giant container ship, the Ever Given, ran aground in the Suez Canal causing hundreds of ships to get stuck at both ends of the canal. The canal connects the Red Sea to the Mediterranean Sea and carries approximately 10% of global shipping traffic. The Suez Canal is vital for nearly every cargo ship that moves between Asia and Europe, and it is also an important shipping lane for cargo coming from Asia to the East Coast of the United States. At the time of this writing, the Ever Given has been partially refloated and moved alongside the canal bank, but the backup is still impacting oil markets.
Oil Prices Rise Following the Blockage of the Suez Canal
