The correct answer is true.
It is true the information stated in the question.
We are referring to the Suez Canal Crisis that confronted Israel with Egypt in October 1956. The conflict started due to a presidential decision. Yes, Egyptian President Nasser considered that the canal belonged to Egypt and he nationalized the Suez canal. England and France supported Israel because they had an economic interest in the transportation of oil so much needed in Europe and that was transported via the Suez canal.