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Egyptian President Abdel Fattah al-Sisi has warned that the ongoing escalation in the Middle East could threaten the Suez Canal and wider regional stability.
The Suez Canal is the North African country’s key economic lifeline. Following US-Israeli strikes on Iran and Iran’s retaliation with missile and drone strikes across the world, three major container shipping companies, including MSC, Maersk and CMA CGM, have halted passage through the Strait of Hormuz in the Gulf, next to Iran, and the Bab el-Mandeb Strait. These waterways are the region’s vital waterways.
In a broadcast on state television late Sunday, Sisi said Egypt has suffered from this issue for the past two years, causing it huge financial losses.
“We are very cautious about the continuation of the war because of developments in the Strait of Hormuz and its impact on navigation in the Suez Canal,” said Sisi.
Many ships are now bypassing the region’s vital waterways and re-routing around the Cape of Good Hope off the tip of southern Africa.
The Strait of Hormuz carries nearly a quarter of global seaborne oil and a significant volume of cargo to and from Gulf ports. Iran warned ships against passing through the Strait of Hormuz, a development experts have warned could lead to higher crude oil and pump prices.
The Suez Canal is the region’s other major artery, linking the Mediterranean to the Red Sea, and is a crucial shortcut between Europe and Asia.
