Suez Canal traffic jam could affect oil prices, expert says
EVANSTON, Ill. — The impasse caused by a stranded container ship in Egypt’s Suez Canal could affect the prices of oil and other goods if it remains unresolved for a while, said Phillip Braun, professor of finance at Northwestern University Kellogg School of Management.
Quote from Professor Braun
“Around 10 percent of global trade shipments pass through the Suez Canal on an annual basis, including crude and refined oil and liquefied natural gas. This adds one more issue to the global shipping sector on top of the current pandemic. If the Canal blockage continues for an extended period, we could expect to see rising prices for oil and other tradable goods.”