U.S. oil prices gain nearly 6% as a ship blocks passage through the Suez Canal

U.S. oil futures climbed by almost 6% Wednesday, as a ship that's stuck in Egypt's Suez Canal threatened the flow of oil through the critical waterway. Concerns that the Suez Canal blockage would restrict supply, however, are likely to only provide a "temporary boost for prices," said Fawad Razaqzada, market analyst at ThinkMarkets. May West Texas Intermediate crude climbed $3.42, or 5.9%, to end at $61.18 a barrel on the New York Mercantile Exchange, though didn't fully recoup the 6.2% loss from Tuesday.

U.S. oil prices gain nearly 6% as a ship blocks passage through the Suez Canal

U.S. oil futures climbed by almost 6% Wednesday, as a ship that's stuck in Egypt's Suez Canal threatened the flow of oil through the critical waterway. Concerns that the Suez Canal blockage would restrict supply, however, are likely to only provide a "temporary boost for prices," said Fawad Razaqzada, market analyst at ThinkMarkets. May West Texas Intermediate crude climbed $3.42, or 5.9%, to end at $61.18 a barrel on the New York Mercantile Exchange, though didn't fully recoup the 6.2% loss from Tuesday.