The Suez Canal, located in Egypt, was a vital waterway connecting the Mediterranean Sea to the Red Sea, and was controlled by a British-French company.

In 1956, Egyptian President Gamal Abdel Nasser nationalized the canal, placing it under Egyptian control.

Nasser's decision came after the U.S. and Britain withdrew funding for his Aswan High Dam project.

In response, Britain, France, and Israel concocted a secret plan to retake the canal.

The plan involved Israel invading Egypt's Sinai Peninsula, which would provide a pretext for Britain and France to intervene as 'peacekeepers.'

The military operation was successful in its initial stages, with the invading forces seizing control of the canal zone.

However, the invasion was met with fierce international condemnation, most significantly from the United States.

The U.S. applied intense financial pressure on Britain, forcing the invading forces to withdraw.

The crisis was a major political victory for Nasser and a humiliating diplomatic failure for Britain and France.

It is often seen as a symbol of the end of British and French imperial power and the rise of U.S. and Soviet influence in the Middle East.