It allows boats to go directly from the Mediterranean Sea into the Red Sea. The Red Sea is naturally connected to the Indian Ocean. Before the Suez canal was created, boats would have to sail around all of Africa to make a journey from the Mediterranean into the Indian Ocean, adding about 8000 miles to the route.
It’s a massive geographical shortcut for any boat trying to cross between the atlantic and Indian oceans: without it the only other route is to sail all the way around the south end of africa.
Because of this value and the fact it passes close/through several countries, it’s also occasionally a huge political topic
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