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Closure Of The Suez Canal (1967–1975)
On 6 June 1967 the Suez Canal was closed shortly after the start of the Six-Day War or Third Arab–Israeli War. Israel bombed most of Egypt's airfields and then entered and occupied the Sinai Peninsula, all the way to the Suez Canal, for 15 years. Gamal Abdel Nasser, the leader of Egypt at the time, was aligning himself with the Soviet Union and had the Suez Canal closed earlier from October 1956 until March 1957 during the Suez Crisis, when he nationalized the Suez Canal from French and British investors. Oil through the Suez Canal accounted for 60% of Italy's, 39% of France's, and 25% of Britain's total oil consumption in 1966 before the canal was closed for 8 years. The canal opened again in June 1975 after the 1974 Suez Canal Clearance Operation of mines and debris. Oil embargo In October 1973 the Yom Kippur War started when Egypt crossed the Suez Canal in Operation Badr that ended in a failed attempt to take back the Sinai Peninsula from Israel. That resulted in OAPEC ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Six-Day War
The Six-Day War (, ; ar, النكسة, , or ) or June War, also known as the 1967 Arab–Israeli War or Third Arab–Israeli War, was fought between Israel and a coalition of Arab world, Arab states (primarily United Arab Republic, Egypt, Syria, and Jordan) from 5 to 10 June 1967. Escalated hostilities broke out amid poor relations between Israel and its Arab neighbours following the 1949 Armistice Agreements, which were signed at the end of the 1948 Arab–Israeli War, First Arab–Israeli War. Earlier, in 1956, regional tensions over the Straits of Tiran escalated in what became known as the Suez Crisis, when Israel invaded Egypt over the Israeli passage through the Suez Canal and Straits of Tiran, Egyptian closure of maritime passageways to Israeli shipping, ultimately resulting in the re-opening of the Straits of Tiran to Israel as well as the deployment of the United Nations Emergency Force (UNEF) along the Borders of Israel#Border with Egypt, Egypt–Israel border. In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Embargo
Economic sanctions are commercial and financial penalties applied by one or more countries against a targeted self-governing state, group, or individual. Economic sanctions are not necessarily imposed because of economic circumstances—they may also be imposed for a variety of political, military, and social issues. Economic sanctions can be used for achieving domestic and international purposes. The efficacy of sanctions is debatable—there are many failures—and sanctions can have unintended consequences. Economic sanctions may include various forms of trade barriers, tariffs, and restrictions on financial transactions. Since the mid-1990s, United Nations Security Council (UNSC) sanctions have tended to target individuals and entities, in contrast to the comprehensive embargoes of earlier decades. An embargo is similar, but usually implies a more severe sanction. An embargo (from the Spanish ''embargo'', meaning hindrance, obstruction, etc. in a general sense, a tradi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stagflation
In economics, stagflation or recession-inflation is a situation in which the inflation rate is high or increasing, the economic growth rate slows, and unemployment remains steadily high. It presents a dilemma for economic policy, since actions intended to lower inflation may exacerbate unemployment. The term, a portmanteau of '' stagnation'' and ''inflation'', is generally attributed to Iain Macleod, a British Conservative Party politician who became Chancellor of the Exchequer in 1970. Macleod used the word in a 1965 speech to Parliament during a period of simultaneously high inflation and unemployment in the United Kingdom.Introduction, page 9. Warning the House of Commons of the gravity of the situation, he said: Macleod used the term again on 7 July 1970, and the media began also to use it, for example in ''The Economist'' on 15 August 1970, and ''Newsweek'' on 19 March 1973. John Maynard Keynes did not use the term, but some of his work refers to the conditions that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Israeli Passage Through The Suez Canal And Straits Of Tiran
Israeli passage through the Suez Canal and Straits of Tiran is the freedom of navigation for Israeli vessels through the Egyptian-controlled Suez Canal and Straits of Tiran. Egypt controlled the Suez Canal and Straits of Tiran, and did not recognize Israel after the two countries signed an armistice agreement to end the 1947–1949 Palestine war. Egypt began to strengthen a blockade of Israeli shipping as relations between Israel and Egypt deteriorated further between 1949 and 1956. They were opened partially following the 1956 Suez Crisis, wherein Israel invaded Egypt with the explicit intention of ensuring access to these waters. This reoccurred after further deterioration of the relationship between the two countries in the mid-1960s; Egypt renewed the blockade in 1967, leading to the Six Day War. The current status is set by the Egypt–Israel peace treaty of 1979. The Straits of Tiran route served Israel's only port on the Gulf of Aqaba, Eilat. However, this had limited eco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2021 Suez Canal Obstruction
In March 2021, the Suez Canal was blocked for six days after the grounding of , a container ship. The vessel was buffeted by strong winds on the morning of 23 March, and ended up wedged across the waterway with its bow and stern stuck in the canal banks, blocking all traffic until it could be freed. Egyptian authorities said that "technical or human errors" may have also been involved. The obstruction occurred south of the section of the canal that had two channels, so there was no way for other ships to bypass ''Ever Given''. The Suez Canal Authority (SCA) engaged Boskalis through its subsidiary Smit International to manage marine salvage operations. As one of the world's busiest trade routes, the canal obstruction had a significant negative impact on trade between Europe, Asia and the Middle East. On 28 March, at least 369 ships were queuing to pass through the canal. This prevented an estimated US$9.6 billion worth of trade. On 29 March, ''Ever Given'' was partially re-fl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Aswan Dam
The Aswan Dam, or more specifically since the 1960s, the Aswan High Dam, is one of the world's largest embankment dams, which was built across the Nile in Aswan, Egypt, between 1960 and 1970. Its significance largely eclipsed the previous Aswan Low Dam initially completed in 1902 downstream. Based on the success of the Low Dam, then at its maximum utilization, construction of the High Dam became a key objective of the government following the Egyptian Revolution of 1952; with its ability to better control flooding, provide increased water storage for irrigation and generate hydroelectricity, the dam was seen as pivotal to Egypt's planned industrialization. Like the earlier implementation, the High Dam has had a significant effect on the economy and culture of Egypt. Before the High Dam was built, even with the old dam in place, the annual flooding of the Nile during late summer had continued to pass largely unimpeded down the valley from its East African drainage basin. These flo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Operation Abirey-Halev
Operation Abirey-Halev or Operation Abirey-Lev (lit. ''Knights of the Heart'') also known as Operation Stouthearted Men and Operation Valiant, code-named Operation Gazelle ( he, מבצע אבירי לב, ar, ثغرة الدفرسوار), was an Israeli operation that took place in the center of Suez Canal on 15–23 October 1973 during the Yom Kippur War. Israeli breakthrough – Crossing the canal After the Egyptian failed attack of October 14, the Israelis immediately followed with a multidivisional counterattack through the gap between the Egyptian 2nd and 3rd Armies. Ariel Sharon's 143rd Division, now reinforced with the 247th paratroopers reserve Brigade commanded by Colonel Danny Matt, was tasked with establishing bridgeheads on the east and west banks of the canal. The 162nd and 252nd Armored Divisions, commanded by Generals Avraham Adan and Kalman Magen respectively, would then cross through the breach to the west bank of the canal and swing southward, encircling the 3r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1970s Energy Crisis
The 1970s energy crisis occurred when the Western world, particularly the United States, Canada, Western Europe, Australia, and New Zealand, faced substantial petroleum shortages as well as elevated prices. The two worst crises of this period were the 1973 oil crisis and the 1979 energy crisis, when, respectively, the Yom Kippur War and the Iranian Revolution triggered interruptions in Middle Eastern oil exports. The crisis began to unfold as petroleum production in the United States and some other parts of the world peaked in the late 1960s and early 1970s. World oil production per capita began a long-term decline after 1979. The oil crises prompted the first shift towards energy-saving (particular, fossil fuel-saving) technologies. The major industrial centers of the world were forced to contend with escalating issues related to petroleum supply. Western countries relied on the resources of countries in the Middle East and other parts of the world. The crisis led to stagnant e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Railway To Eilat
The High-speed railway to Eilat (Med-Red) is a proposed Israeli railway that will enable the connection of the main Israeli population centers and Mediterranean ports to the southern city of Eilat on the Red Sea coast, as well as serve commercial freight between the Mediterranean Sea (city of Ashdod) and Red Sea ( Eilat). The railway will spur southward from the existing rail line at Beersheba, and continue through Dimona to the Arava, Ramon Airport and Eilat, at a speed of . Its length will be roughly of electrified double-track rail (not including the Tel Aviv – Beersheba section, an additional ). Currently Dimona railway station is the southernmost passenger train station in Israel and the one with the least boardings/alightings. The railway, if built, is expected to serve both passengers and freight, including minerals mined from the Negev Desert. The high-speed passenger service will carry travelers from Tel Aviv to Eilat in two hours or less with one intermediate stop ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Yellow Fleet
From 1967 to 1975, fifteen ships and their crews were trapped in the Suez Canal after the Six-Day War between Israel and Egypt. The stranded ships, which belonged to eight countries (West Germany, Sweden, France, the United Kingdom, the United States, Poland, Bulgaria, and Czechoslovakia), were nicknamed the Yellow Fleet after the desert sand that coated them. During the war, Egypt blocked both ends of the canal to prevent its use by Israel. Scuttled ships, sea mines, and other debris continued to block transport through the canal until the wake of the Yom Kippur War, after which the blockade was lifted. In 1975, the Canal was reopened, enabling the ships to leave after eight years of being stranded. At that time, only two ships were capable of moving under their own power. History Closing of the canal In June 1967, the fifteen ships were sailing northwards through the Suez Canal as a war broke out between Israel and Egypt in what was to become known as the Six-Day War. Bot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1970s Commodities Boom
The 1970s commodities boom refers to the rise of many commodity prices in the 1970s. Excess demand was created with money supply increasing too much and supply shocks that came from Arab–Israeli conflict, initially between Israel and Egypt. The Six-Day War where Israel captured and occupied the Sinai Peninsula for 15 years, the Closure of the Suez Canal (1967–1975) for 8 years of that, lead to supply shocks. 66% of oil consumed by Europe at that time came through the Suez Canal and had to be redirected around the continent of Africa. 15% of all maritime trade passed through the Suez Canal in 1966, the year before it closed. The Yom Kippur War in late 1973 was Egypts attempt at crossing the Suez Canal and taking the Sinai Peninsula back from Israeli occupation. On October 19, 1973 Richard Nixon requested $2.2 billion to support Israel in the Yom Kippur War. That resulted in OAPEC countries cutting production of oil and placing an embargo on oil exports to the United State ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
