Suez Canal blockage leads to increased shipping costs. Imagine before the Suez Canal was constructed ships used to use a route which is longer by 10 days through South Africa. The Ever Given ship which was flying the Panama flag reminded us the importance of the Suez Canal in Egypt.
According to Eurointelligence, a part from shipping costs increasing from $1,500 to $9,000, the prices of oil increased by 6 percent.
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