The blockage of the Suez Canal by a giant container vessel is likely to send a ripple of disruption through the global energy supply chain.
European and US refiners that rely on the vital waterway for cargoes of Mideast oil may be forced to look for replacement supplies should the blockage persist, potentially boosting prices of alternative grades. At the same time, flows of crude from North Sea fields destined for Asia will be held up.
The world’s busiest maritime trade route has been thrown into turmoil after the container ship ran aground on Tuesday, blocking traffic in both directions.
