Egypt Gains Most from Hormuz Closure
Oil tanker traffic through the Suez Canal in April increased by nearly a third compared to the previous year, leading to canal revenues reaching their highest level since the start of 2024. This shift occurred amid the closure of the Strait of Hormuz following escalating tensions between the United States and Iran, prompting Gulf countries to adopt alternative routes such as the Red Sea. Saudi Arabia activated a backup oil pipeline, and the number of ships passing through rose by 14%, exceeding 1,182 vessels. This development contributed to boosting the Egyptian economy and reducing the current account deficit.
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