# Oil gains more than $3/bbl after Suez Canal ship grounding

> Oil prices jumped about 6% on March 24 after a ship grounding in the Suez Canal disrupted traffic. Brent settled at $64.41 a barrel and WTI at $61.18, with both benchmarks also supported by U.S. inventory data showing refinery activity rebounding after the February cold snap.

- Date: 2021-03-24 · published 2021-03-24T12:00:00.000Z
- Category: logistics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/48292-oil-gains-more-than-3-bbl-after-suez-canal-ship-grounding
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md)

## Why it matters

Suez disruption raises freight costs and delays for grain and oilseed cargoes, and higher crude lifts biofuel-linked feedstock values such as soyoil and palm oil.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- OCEANFRT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-09-17 | [Panama Canal stress shows the real shipping squeeze may still be ahead \| Reuters](https://feedsoft.ai/events/16765-panama-canal-stress-shows-the-real-shipping-squeeze-may-still-be-ahead-reuters.md) | -7.8% | -6.5% |
| WTI | 2026-05-21 | [With the Strait of Hormuz closed, the Panama Canal is busier than ever. It should use this windfall wisely. - Atlantic Council](https://feedsoft.ai/events/16861-with-the-strait-of-hormuz-closed-the-panama-canal-is-busier-than-ever-it-should.md) | -8.7% | -14.0% |
| WTI | 2022-12-12 | [Oil up $2/bbl on supply risks amid ongoing Keystone outage](https://feedsoft.ai/events/38399-oil-up-2-bbl-on-supply-risks-amid-ongoing-keystone-outage.md) | +4.5% | +5.7% |
| WTI | 2021-09-04 | [Hurricane Ida - after the Storm — Breakwave Advisors](https://feedsoft.ai/events/44976-hurricane-ida-after-the-storm-breakwave-advisors.md) | +1.7% | +12.0% |
| WTI | 2022-03-22 | [Oil Rallies as U.S. Stockpiles Shrink, Black Sea Terminal Shuts - Bloomberg](https://feedsoft.ai/events/9150-oil-rallies-as-u-s-stockpiles-shrink-black-sea-terminal-shuts-bloomberg.md) | -4.6% | -8.5% |
| BRENT | 2021-03-24 | [Factbox: Suez Canal blockage sends ripples through global commodity markets](https://feedsoft.ai/events/48032-factbox-suez-canal-blockage-sends-ripples-through-global-commodity-markets.md) | +5.5% | +7.1% |
| BRENT | 2025-12-14 | [Global shipping rates surge to multi-year highs, raising costs for oil, LNG](https://feedsoft.ai/events/16900-global-shipping-rates-surge-to-multi-year-highs-raising-costs-for-oil-lng.md) | -1.1% | +8.0% |
| BRENT | 2026-05-21 | [With the Strait of Hormuz closed, the Panama Canal is busier than ever. It should use this windfall wisely. - Atlantic Council](https://feedsoft.ai/events/16861-with-the-strait-of-hormuz-closed-the-panama-canal-is-busier-than-ever-it-should.md) | -9.8% | -18.8% |

## Sources

- reuters.com: https://www.reuters.com/world/middle-east/oil-rises-bargain-hunting-oversupply-fears-cap-gains-2021-03-24/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.