By Mirette Magdy June 10, 2026 – The number of oil tankers passing through Egypt’s Suez Canal jumped nearly 30% in April, leading to the highest revenue since early 2024. This increase is largely due to the closure of...
By Mirette Magdy
June 10, 2026 – The number of oil tankers passing through Egypt’s Suez Canal jumped nearly 30% in April, leading to the highest revenue since early 2024. This increase is largely due to the closure of the Strait of Hormuz, which has pushed traffic to alternative routes in the Red Sea.
According to the state statistics agency CAPMAS, a total of 529 tankers crossed the canal that month, a 28% rise compared to the previous year. Overall traffic also increased, with 1,182 vessels of all types making the journey, marking a 14% increase from April 2025.
Crossings through the Suez Canal had decreased after Houthi rebels in Yemen started targeting shipping in the southern Red Sea over two years ago. However, the latest data indicates that the ongoing US-Israeli conflict involving Iran is providing an unexpected boost.
The Strait of Hormuz, which once allowed a fifth of the world's crude oil and liquefied natural gas to pass, has been effectively closed since the conflict in Iran escalated on February 28.
Saudi Arabia, the largest oil exporter globally, is among those finding ways around this closure. The kingdom has activated a backup pipeline to transport crude oil to the Red Sea port of Yanbu, from which it is shipped overseas.
While many ships are heading south past Yemen and the Bab el-Mandeb strait, some are rerouted north via Egypt. Other Gulf countries are also utilizing Saudi ports like Jeddah and roadways across the Arabian Peninsula for imports.
According to Mohamed Abu Basha, head of macroeconomic analysis at investment bank EFG Hermes, “The Suez Canal is becoming an unexpected net beneficiary of the recent regional conflict.”
Revenue from the canal reached $419 million in April, showing a 27% increase from the previous year and marking the highest monthly figure since early 2024, when Houthi attacks on shipping escalated, according to CAPMAS data. The canal has historically been a critical source of foreign exchange for Egypt, alongside tourism and remittances.
“Jeddah has become a lifeline, not just for Saudi Arabia's economy but also for the wider Gulf Cooperation Council,” Abu Basha noted. He added that the rerouting of goods is likely to gradually improve Suez Canal revenues in the coming months.
The Houthis began targeting international shipping shortly after the Gaza conflict ignited in late 2023, leading many vessels to avoid the Red Sea and causing a drop in Suez Canal traffic. Authorities estimate that around $9 billion in potential revenue has been lost due to these disruptions. Even with the recent increase, both crossings and revenues are still significantly lower than before the Gaza war. In April 2023, approximately 2,300 ships crossed the canal, according to CAPMAS.
Though the Iran-aligned Houthis stopped their attacks after a ceasefire took hold in the Palestinian territories last fall, Egypt had anticipated a gradual recovery in traditional traffic.
The ongoing US-Israeli conflict over Iran has added uncertainty. While it has created new routes and demands, there’s also the risk that the Houthis may resume their attacks if tensions escalate.
On Monday, the militants announced a “complete ban” on Israeli shipping in the Red Sea as Iran and Israel exchanged new strikes. It remains unclear how the Houthis will define an Israeli vessel or whether this will lead to greater danger.
According to Abu Basha, “A recovery of the waterway’s revenues back to its historical level could be the biggest near-term positive shock for Egypt and might reduce its current-account deficit by 25% to 30%.” However, he emphasized that this depends largely on the geopolitical situation following the conflict.