Suez Crisis led to a withdrawal. U.S. President Dwight D. Eisenhower had strongly warned Britain not to invade; he threatened serious damage to the British financial system by selling the US government's pound sterling bonds. Historians conclude the crisis "signified the end of Great Britain's role as one of the world's major powers". The Suez Canal was closed from October 1956 until March 1957. Israel fulfilled some of its objectives, such as attaining freedom of navigation through the Straits of Tiran, which Egypt had blocked to Israeli shipping since 1950. As a result of the conflict, the United Nations created the UNEF
Suez Crisis the country as well as the canal proper, and its finances and operations. The 1888 Convention of Constantinople declared the canal a neutral zone under British protection. In ratifying it, the Ottoman Empire agreed to permit international shipping to pass freely through the canal, in time of war and peace. The Convention came into force in 1904, the same year as the "Entente cordiale" between Britain and France. Despite this convention, the strategic importance of the Suez Canal and its control were proven during the Russo-Japanese War of 1904–1905, after Japan and Britain entered into a separate bilateral agreement. Following