Crude prices surge as Suez Canal blockage raises supply concerns for Asia

Updated : Mar 25, 2021 06:34
|
Editorji News Desk

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. 

Crude OilsSuez Canal

Recommended For You

editorji | Business

NFRA penalises Deloitte Haskins & Sells LLP, 2 auditors for lapses in ZEEL

editorji | Business

Asian Markets Edge Higher Amid Dollar Strength and Holiday Calm

editorji | Business

Oil Prices Edge Higher Amid Strong U.S. Economic Data, Rising Indian Demand

editorji | Business

Nifty 50, Bank, FMCG Lead Gains; Auto Sector Declines – Market Update December 23, 2024

editorji | Business

Stock Market Roundup: December 23, 2024 - U.S. Markets Lead, Europe Shows Stability, Asia Gains