Stocks of Israel Chemicals, the sixth largest potash producer in the world, also got battered Sunday following the Egyptian crisis, despite gains recorded by its peers Mosaic (MOS) and Potash (POT). On Monday, the stock regained some of the losses, closing 1.5% higher.
On the oil front, the situation in Egypt can potentially further affect oil priced, as the eruption of protests in the streets of Cairo caused a 4% spike in oil prices Friday. Although Egypt is not a major oil supplier, over 1.8 billion oil barrels travel every day through the Suez Canal, which is owned by Egypt, Stefak says. "Continuing uncertainty in the area will cause the oil tankers to fear sailing through the Suez, forcing them to surround Africa. A closing of the Canal could be a serious setback to the global economy," Stefak says.
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