Following the law of supply and demand, oil prices drop, stocks rise as ship blocking Suez Canal re-floated.
6 Days ago, the 400 Meter ship ran aground in the Suez Canal earlier on Tuesday morning resulting in a clogged of other hundreds of container ships heading towards the Egyptian canal. As per the statement issued by the Suez Canal Authority, the ship couldn’t steer its way out of the dust storm and high winds, and ran aground. It resulted for 6 days for the canal to be closed for traffic. Others ships have re-routed to the South African waters and possibly taking 7 days to cruise to Europe.
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