Failure to remove ship blocking trade route drives up oil price by 1.98%

On Friday morning oil price rose by 1 percent after dropping 3.8 percent on Thursday after observers predicted it will take weeks to remove the giant container ship blocking the Suez Canal.

Brent crude price, which is of interest to Nigeria rose higher by $1.22 from or 1.98 percent, at $62.67 a barrel by 07.44am after trading at $61.45 on Thursday morning.

U.S West Texas Intermediate (WTI) crude was also up to $59.21 a barrel.

Read also: Oil price falls by 1.24% after flash rally over blocked trade canal

Meanwhile, the owner of the titanic ship blocking the Suez Canal apologized on Thursday for bringing one of the world’s most vital waterways to a standstill as the traffic jam stretched into its third day.

Japanese ship-leasing firm Shoei Kisen Kaisha Ltd, in a statement on Thursday said, “We are determined to keep on working hard to resolve this situation as soon as possible.

“We would like to apologize to all parties affected by this incident, including the ships traveling and planning to travel through Suez Canal.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now