Suez Canal oil tanker transits surge 42% revenue jump as Red Sea risk shifts shipping routes

Suez Canal revenue rose 42% year-on-year in July 2026 to $505 million, driven by a 27% increase in total transits, as oil tankers return to the route despite threats in the southern Red Sea and Bab el-Mandeb. The shift suggests carriers are rerouting from the Cape of Good Hope back to Suez, likely due to changing risk perceptions or insurance dynamics. This marks a reversal from the 2024-2025 period when many avoided the canal, and it has direct implications for global oil shipping costs and transit times.