Egypt's Suez Canal is experiencing an unexpected revival as disruptions in the Strait of Hormuz push more energy shipments toward the Red Sea route, providing a much-needed boost to one of the country's most important sources of foreign exchange.
New data from Egypt's state statistics agency, CAPMAS, shows that the number of oil tankers crossing the canal rose sharply in April, helping drive canal revenues to their highest level since early 2024.
A total of 529 oil tankers transited the waterway during the month, a 28% increase compared to the same period last year. Overall traffic also improved, with 1,182 vessels of all types passing through the canal, up 14% year-on-year, per Bloomberg.
Oil flows shift
The increase comes amid major disruptions to global energy trade following the closure of the Strait of Hormuz, one of the world's most strategic maritime chokepoints.
