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Shipping rates for oil tankers have nearly doubled this week as a container ship blocks all traffic along one of the world’s busiest trade routes. The 400-metre vessel Ever Given has been wedged in the Suez Canal since Tuesday. Efforts are underway to free the ship, but it’s feared bad weather could delay the operation for weeks. The suspension of traffic has deepened problems for shipping lines in Europe and Asia already facing disruption and delays.

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