JOHANNESBURG - The world will be watching oil markets closely as the Middle East conflict enters a new week.
Brent Crude surged past $100 per barrel, marking a climb of nearly 30 percent since the US and Israel launched operations against Iran.
Exports through the Strait of Hormuz -- a key global oil route -– have been disrupted by Iranian threats to target tankers.
READ: Trump defends Iran war decision as oil soars above $100
Normally, about 20 million barrels of oil pass through the Strait each day, but many insurance companies have stopped covering ships using the route, creating a supply shock.
Despite US President Donald Trump’s assurances to secure safe passage for shipping, oil prices have continued to rise.
South Africa is particularly vulnerable, as the country imports most of its oil.
Over the years, its reserves and refinery capacity have declined, increasing exposure to global price shocks.