Violence escalation in Middle-East raises oil prices

JOHANNESBURG - Petrol prices are expected to rise sharply after the US bombed Iran at the weekend.

Oil prices have reached five-month highs due to the escalation in the Middle East. 

READ: How Israel-Iran conflict affect your pocket

On Monday morning, Brent crude surged nearly six percent, to over 81-dollars a barrel, shocking global markets.

And there is the threat that Tehran might the Strait of Hormuz, a key oil shipping corridor.

CEO of the Fuel Retailers Association, Reggie Sibiya spoke to eNCA.

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