One of the world’s busiest waterways remains at a standstill for a fourth straight day . Crude oil prices surged higher as supply worries mount.
With 10% of global oil supply being through put through the canal, the longer the blockage the longer the clearing will take escalating supply concerns to Asia.
The Suez Canal handles around 12% of global trade, making it an essential point of passage. Each day of blockage disrupts more than $9 billion worth of goods, according to Lloyd’s List, which translates to about $400 million per hour.
So what is blocking this waterway? Well the ship which is creating the log jam at the Suez Canal is more than 1,300 feet, which is almost as long as the Empire State Building is tall.