This is after a 5.9 percent tumble on Tuesday when The Ever Given, a container ship longer than the Eiffel Tower, was announced to have run aground early morning
Brent crude prices climbed 2.9 percent, going up by $1.75, to $62.54 a barrel on Wednesday as Egyptian authorities continues to refloat a giant container carrier that blocked the parallel channel of the Suez Canal.
This is after a 5.9 percent tumble on Tuesday when The Ever Given, a container ship longer than the Eiffel Tower, was announced to have run aground early morning.
Suez Canal Authority said that the accident is mainly due to the lack of visibility resulting from the bad weather conditions, due to the country passing through a dust storm, where the wind speed reached 40 knots, which led to the loss of the ability to steer the ship and then its stranding.
Around 12 percent of global trade passes through the canal every day, with products ranging from fuel to consumer goods such as passenger cars.
"The approximate rate of backlog is 50 vessels per day and any delays leading to re-routings will add 15 days to a Middle East to Europe voyage," Vortexa Analytics, the oil and gas analytics platform, said on Wednesday.
The main alternative route for ships travelling between Asia and Europe, around the African cape, takes a week longer to navigate.
