More than 100 ships remained blocked at the Suez Canal, halting all traffic in one of the world’s busiest shipping arteries. Traders are betting on crude prices to head higher as the blockage will lead to supply disruption for oil headed towards Asia.
Over 10% of global oil passes through the canal and it has become an important route for Russian oil to reach Asia.
Even though many traders agree that the issue is not going to be long lasting but could lead to a backlog of 50 vessels per day.