The recent failed talks between the United States (US) and Iran have rattled the markets, following the recent outbreak of hostilities between the two countries over the Strait of Hormuz.
Market analysts say the renewed conflict will see oil prices going up, gold becoming unaffordable while the Rand weakens.
On the opening of the markets this morning, brent crude oil rose by 4% to $79.12 a barrel from $76. 24va barrel at the close of the local market on Friday.
The re-closure of the Strait of Hormuz will see oil prices going up.
On the opening of markets, Monday morning, brent crude oil rose by 4%.
This is due to the recent shocks where energy shipments via the Strait of Hormuz remain under threat.
–SABC–
