JOHANNESBURG - Fuel hopes are running on empty as oil prices keep climbing.
Brent crude has extended its gains above 93 dollars a barrel, touching near six-week highs as supply risks intensify across key global oil export routes.
Markets remain on edge after President Donald Trump downplayed the chances of near-term talks with Iran and warned of further strikes over threats to Red Sea shipping.
The Red Sea has become an increasingly important export route for Saudi Arabia, helping the kingdom reduce its reliance on the Strait of Hormuz.
READ | Oil hits one-month high as Mideast war keeps investors on edge
A Kuwaiti tanker was struck in the Strait of Hormuz, while attacks on a key Black Sea oil export terminal have heightened global supply concerns.
The escalating tensions are further clouding South Africa's fuel price outlook.
Petrol recoveries are currently hovering around 90 cents a litre, while diesel is showing signs of an under-recovery of nearly 50 cents.
The pressure on oil prices comes as the Reserve Bank's Monetary Policy Committee prepares to announce its latest interest rate decision.