Oil Shipping Route Disruption

Dated events

1. Nov. 1, 1956 · Egypt blocks Suez Canal during Suez Crisis
   Egypt sank ships in the Suez Canal to block it after Britain, France, and Israel invaded over its nationalization. The canal carried a huge share of Europe's oil, so traders feared Europe would run short of fuel and oil prices jumped. The canal stayed closed until April 1957, forcing tankers to take the long route around Africa.
2. June 13, 2019 · Two oil tankers are attacked in the Gulf of Oman near the Strait of Hormuz
   The Kokuka Courageous and the Front Altair were damaged by fire; oil prices first jumped 4% and settled about 2% higher on worries about shipping through the strait.
3. March 23, 2021 · The container ship Ever Given runs aground and blocks the Suez Canal
   The canal stayed blocked for six days, until 29 March; by 28 March at least 369 ships were queuing, and the obstructed vessels included 24 crude oil tankers.
4. Jan. 11, 2024 · U.S. and UK strike Houthi positions after Red Sea shipping attacks
   The U.S. and Britain launched airstrikes on Houthi rebel targets in Yemen after weeks of Houthi drone and missile attacks on cargo ships in the Red Sea near the Bab el-Mandeb strait. Shipping companies had already rerouted vessels around Africa to avoid the danger zone, raising fears of higher fuel and goods costs worldwide. The disruption continued for months, keeping shipping costs elevated and adding pressure to oil prices.

Assets named in this scenario · 11

BPBrent oil · Brent Crude Oil FuturesOil · Crude Oil (WTI) FuturesEni S.p.A.Mitsubishi CorpMitsui & CoNatural gas · Natural Gas FuturesRepsolShellSPDR S&P 500 ETF TrustTotalEnergies SE

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