The growing political turmoil gripping Egypt has sent shares of tanker owners rocketing on fears that the protests will lead to the Suez Canal being shut down.
The Suez Canal is a key choke point for oil transportation from the Gulf to Europe and the US, with about 3,500 oil tankers travelling through it every year. Its closure would force ships to journey an extra 6,000 miles around Africa.
These fears have helped push oil prices near $100 a barrel, but traders speculated that the extra journey the tankers would be forced to make could prove lucrative for the shipping companies who might be able to charge accordingly.
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