Correct Option: D

The Suez Canal allows transportation by water between Europe and Asia without navigation around Africa. The northern terminus is Port Said and the southern terminus is Port Tawfiq at the city of Suez. Ismailia lies on its west bank, 3 km north of the halfway point. Under international treaty, it may be used “in time of war as in time of peace, by every vessel of commerce or of war, without distinction of flag. By 1955 approximately two-thirds of Europe’s oil passed through the canal. About 7.5% of world sea trade is carried via the canal today. In 2008, a total of 21,415 vessels passed through the canal and the receipts from the canal totaled $5.381 billion, with the average cost per-ship at roughly $251,000.