By cutting across the Isthmus of Suez, ships avoid the long and dangerous journey around the Cape of Good Hope at the southern tip of Africa, saving both time and money. The Suez Canal has been particularly important for transporting oil, as it provides a direct route from the Middle East to Europe.
In addition, the Suez Canal is located in a geopolitically significant region, making it a key area for military control. Egypt's control over the canal has allowed it to play an important role in regional politics, as it can choose to permit or deny passage to ships from different countries.
The canal is also a significant source of revenue for Egypt, with ships paying tolls to use it. This income can have a major impact on the country's economy.