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Spike in oil prices after huge container ship gets stuck in Suez Canal, blocking all traffic

A massive cargo ship turned sideways and stuck in the Suez Canal is causing a traffic jam of fully loaded oil tankers and container ships at both ends of the canal. All those ships can do now is sit and wait.

According to a BBC report the Ever Given, built in 2018, ran aground while attempting to turn just north of the port of Suez.

The ship tracking website VesselFinder said the Ever Given is on its way from China to Rotterdam in the Netherlands.

The ship is owned by Evergreen Marine Corp., a Taiwanese shipping company. It sails under the Panama flag.

As Redmond Shannon reports, its caused a spike in oil prices.

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