A container ship is blocking the Suez Canal, which is one of the busiest trade routes in the world.
Oil rose by as much as 3% on Wednesday after a huge container ship ran aground and blocked the Suez Canal, a key shipping route for crude and refined products, which raised some concern about fuel supply.
Throughout the pandemic and subsequent cycles of lockdowns and travel bans, oil prices have been highly volatile.
Over the last 12 months, Brent crude oil prices have fluctuated from as little as $16 a barrel to as much as $71.
"The reprieve seems temporary, though, as the spot price fall overnight has completely removed the backwardation in the oil futures market for prompt deliveries.
Brent, Jim Reid, Jeffrey Halley
Bell, Deutsche Bank
Suez, lockdowns, Europe