This will be another excuse to raise gas prices.
Check it out:
Egyptian authorities announced this weekend that a container ship passing through the Suez Canal was attacked by terrorists, who apparently sought to close the strategic waterway.
The Panama-flagged vessel reportedly escaped major damage. More importantly, the canal was not forced to close, which would have disrupted global shipping operations, ratcheted up oil prices, and complicated the deployment of U.S. naval vessels responding to crisis in Syria or to future scenarios in the Middle East, Persian Gulf, and Horn of Africa.
Although the group responsible for the attack has not been identified, it is likely that the attackers are linked to Islamist militant groups that have flourished in the Sinai Peninsula since Egypt’s 2011 uprising, or to groups battling the Egyptian government since the July 3 coup.
Islamist militants, including some linked to al-Qaeda, have exploited the rising lawlessness in the northern Sinai to establish bases from which to attack Israel and Egyptian government personnel. Last week, militants attacked an Egyptian police convoy and executed 25 police recruits by the side of the road near a checkpoint manned by the Multinational Force and Observers (MFO), the peacekeeping force that monitors compliance with the 1979 Egypt-Israel peace treaty.