Analysts revealed today that 10 tankers carrying 13 million barrels of crude oil are already stuck, causing oil prices to spike 2 per cent over fears of a shortage.... The only alternative to going through the canal is for vessels to sail around the Horn of Africa and approach the Mediterranean from the west, adding 14 days and 5,000 nautical miles to the journey.
There are also the implications for food imports to Europe.
An excavator attempts to free stranded container ship Ever Given, one of the world’s largest container ships, after it ran aground, in Suez Canal, Egypt March 25, 2021.