Brent crude soars as Mideast fighting continues

JOHANNESBURG - Brent crude eased slightly after topping $90 a barrel for the first time in a month.

Traders are once again concerned about an escalation of fighting between the United States and Iran and the potential impact on Middle East oil supplies. 

The latest gains follow reports of attacks on energy infrastructure and shipping near the Strait of Hormuz.

READ | Brent rally sparks fresh inflation fears

The conflict has expanded beyond military targets, with bridges, utilities and port facilities also coming under attack. 

Kuwait Petroleum says Iran struck one of its oil facilities on Saturday.

Brent has surged about 30% from its July lows, fuelling concerns over higher fuel costs and inflation.

The rally is clouding South Africa's fuel price outlook: motorists now expect only a modest petrol price cut in August, while diesel is expected to rise.

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