Prices Climb After Suez Mini Crisis Resolved

摘要

Oil prices briefly rallied alongside equities after the Suez Canal finally reopened. The giant container ship Ever Given was finally dislodged Mar. 29 after blocking the waterway linking Europe to Asia for six days and causing a huge buildup of ships. Tankertracker Kpler pegged the backlog at 450 vessels, including 30 crude and 47 refined product tankers, stuck at both ends of the canal when the Ever Given was freed and warned it would take several days to clear. Around 300 vessels were still stuck late on Wednesday with delays set to last several more days as priority was given to container ships. The Suez Canal normally handles around 50 vessels a day.