Suez Canal Gets Oil-Tanker Boost Amid Hormuz Strait Shutdown

AI Summary

The number of oil tankers passing through Egypt's Suez Canal increased by nearly one-third in April, boosting revenue to the highest levels since early 2024. This surge results from the shutdown of the Strait of Hormuz, prompting a shift to an alternative Red Sea energy route.

The number of oil tankers crossing Egypt’s Suez Canal surged by almost a third in April and drove revenue to the highest since early 2024, as the closure of the Strait of Hormuz spurred an alternative Red Sea energy route.