Shoei Kisen, the Japanese owner of the container ship that has run aground in the Suez Canal, said it intends to release the ship by "Japanese time tomorrow night," Nikkei reported Friday.

The 400-meter Ever Given, leased by Taiwan's Evergreen Marine Corp, has blocked shipping on one of the world's busiest transport arteries between Asia and Europe, which carries oil, grain and other goods.

Oil prices rose in response to the news anticipating short-term supply bottlenecks in the oil prices that will create supply-demand imbalances and push the prices up. Both WTI and Brent benchmarks gained more than 2.5% on Friday however growth attempts remain fragile due to weakening demand growth outlook.

Shoei Kisen's spokesperson in Japan said that the flotation works are ongoing, but the company can’t forecast the timeframe for completion.

“We have no estimate as to when we will be able to do this,” the spokesperson said.

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