A Jumbo traffic jam on one of the most important highways of global trade

A massive container ship, the Ever Given, is still blocking the Suez Canal despite efforts to refloat the vessel. The bottleneck has brought traffic to a standstill in one of the world’s busiest waterways. More than 150 ships are waiting to pass through the 120-mile canal. Oil prices jumped about 6% on Wednesday. The canal’s blockage exacerbates supply chains that were already strained amid the disruptions caused by Covid-19. (CNBC.com)