The Suez Canal was reportedly constructed by the Suez Canal company and completed in 1869. Funding was said to be through the Rothschilds and shares were sold to British and French shareholders who are said to have owned the company until the as called Suez crisis.
By 1955 two thirds of Europe’s oil passed through the canal, though Persian oil was transported through a pipeline.; said to be 800,000 barrels a day. The Suez crisis also known as the Sinai war followed the nationalisation of the canal by Egypt. Israel invaded Egypt followed by the u.k. and France and reportedly the u.k. took de facto control of the canal, its finances and operations.
The nationalisation of the Suez Canal is said to have surprised the British and its commonwealth. A letter from the foreign office was published saying, ‘If we sit back while Nasser gradually acquires control of the oil bearing countries our gold reserves will dry up. If our gold reserves disappear the sterling area disintegrates.