Oil prices rebounded about 2% on Friday (March 26) from a sharp drop on Thursday over Suez Canal blockage concern.
As of 17:39 local time in Thailand, Brent crude increased $1.24, or 2.00%, to $63.19 a barrel, bouncing back from a 3.8% drop on Thursday, while WTI Futures rose $1.31 or 2.24% to $59.87 a barrel, after falling 4.3% a day earlier. However, the prices still headed for a third consecutive weekly loss.
A massive container ship has been blocking one of the world’s most important trading routes, the Suez Canal, since Tuesday, March 23, causing about 150 ships in a holding pattern on both sides of the canel.
Work to refloat a 400-meter long ship continues but due to a sensitive condition, it may block the vital shipping lane for weeks.