The Suez Canal handles approximately 12% of global trade and ~5.5 million barrels per day of oil equivalents, connecting the Red Sea to the Mediterranean. Combined with the Bab el-Mandeb strait at the Red Sea's southern end, the corridor is one of the world's most critical energy chokepoints.
Current Context
Houthi attacks in the southern Red Sea have diverted most commercial shipping around the Cape of Good Hope, adding 10-14 days per voyage and reducing effective Suez transit. Energy cargoes face the same disruption.