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Blocked Suez Canal raises new threat to global supply chains

Crude prices gain as crucial world shipping choke point is cut off

A lone excavator works to dislodge the Ever Given container ship at the Suez Canal Wednesday. (Photo courtesy of Suez Canal Authority)   © Kyodo

CAIRO -- The fallout from one of the world's largest container ships getting stuck in the Suez Canal has disturbed commodity markets and threatened to damage an already distressed global supply chain.

The Ever Given, the 400-meter container ship operated by Taiwan-based Evergreen Group, became stuck sideways Tuesday in one of the world's busiest shipping arteries, choking off the shortest shipping route from Asia to Europe. Egypt's Suez Canal Authority blamed the incident on low visibility from a sandstorm.

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