Oil prices received a boost on Wednesday (3/24) after a ship ran aground in the Suez Canal, according to multiple reports.
WTI rose 6.0% overnight to $61.22 by midday (3/24) and Brent increased 6.7% to $64.41.
The ship in question, the Ever Given, currently remains stuck in the southern part of the canal, despite efforts to release it.
According to a report by Bloomberg, a port agent said it is possible that the issue will be solved by Thursday (3/25).
The incident left the canal blocked to traffic in both directions. The canal is a key passageway used by ships carrying crude to and from several locations, including from the Middle East to European markets as well as from the North Sea to Asian markets.
In addition to the Suez Canal blockage, prices were also bolstered by increasing US oil demand.
Related Categories :
Oil & Gas Prices
More Oil & Gas Prices News
-
Oil Report : Back Again, Same Story -
-
Oil Report : Play Oil For a Bounce Here -
-
Biden to Release One Million BPD from Reserves for Six Months; Push for Federal Leasehold Production
-
Operators Cite Investor Pressure for Production Growth Restraint
-
Dallas Fed Survey: E&P Spending to Jump; Focus on Production Growth, Debt Cuts -
United States News >>>
-
Petrus Resources Ltd. First Quarter 2023 Results
-
Battalion Oil Corporation First Quarter 2023 Results
-
Amplify Energy Corporation First Quarter 2023 Results -
-
Denbury Inc., First Quarter 2023 Results
-
Evolution Petroleum Corporation Fiscal Third Quarter 2023 Results