Suez blockage sends oil prices and tanker rates soaring

The Suez Canal remains blocked in both directions for the fourth consecutive day, now causing both oil prices and tanker rates to skyrocket. Production and demand could be affected if ships are forced to find alternative and longer routes, writes Reuters.

BY TRINE VESTERGAARD, SHIPPINGWATCH

The Suez Canal blockage continues into the fourth day after an ultra-large container ship operated by Evergreen ran aground in a manner that blocks all passage.

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