The news outlet reports that Egypt had announced a state of emergency in two provinces, among them the Suez. The canal is extremely important to the world's oil markets, and further developments like this could affect the price of the energy commodity.
Crude oil scheduled for August delivery rose 68 cents, roughly 0.7 percent to $101.95 a barrel on the New York Mercantile Exchange.
The Washington Post reported that the rise in crude was also influenced by a drop in domestic inventories in the U.S.
Though the Suez developments are likely to influence the global markets in the near future, Egypt only accounts for 700,000 barrels out of the total 91 million barrels that are produced each day, according to the news outlet.
The small percentage of the global total that Egypt exports pales in comparison to its importance as an overseer of the canal, however, as this waterway is one of the more important transit points across the globe.
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