JOHANNESBURG - The local markets closed on a positive note on Tuesday following news of the US-Iran deal.
The two countries are expected to sign a memorandum of understanding on Friday. The rally could continue depending on the whether the two countries can successfully negotiate a deal within the next sixty days.
If the Strait of Hormuz reopens Friday, relief at the pump likely won't come immediately. It is likely to take between 6-12 months for shipping and oil production rates globally to reach levels pre-the war.
Aviraag Ramdhani from Effectus Capital Management unpacks the numbers.