Source Bloomberg data 31 March 2021
Brent crude amassed over 26% in the last quarter of 2020, with the spot price per barrel reaching a peak of US$60 in the first quarter of 2021. This comes in the wake of faster and stronger global economic growth recovery expectations and confined supply forces.
On an unrelated matter, Ever Given a large cargo ship owned by Ever Green blocked the Suez Canal for almost six days. This blockage led to massive supply chain disruptions in the worldâs busiest canal. At present, the Egyptian government which operates the Suez Canal impounded the cargo ship demanding a massive US$900 million in compensation.
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