Crude oil rebounded after the Suez Canal incident

International benchmarks for crude oil rebounded sharply on Wednesday, 24 March 2021 after a 400 meters Evergreen vessel ran aground in the Suez Canal, blocking traffic both ways. At least ten crude tankers are affected by the incident. Meanwhile, US refineries are ramping up operating rates, which indicates improving demand for crude ahead.

Brent jumped $3.62/barrel or 5.62% to $64.41/barrel.

WTI gained $3.42/barrel or 5.59% to $61.18/barrel.