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Gulf hostilities escalated on June 3 with an Iranian missile attack damaging Kuwait's airport and the US military carrying out strikes near the Strait of Hormuz, as diplomacy between Washington and Tehran showed little progress more than three months after the conflict began. The latest flare-up sent oil prices up more than 1%, with Brent crude averaging $104.59 a barrel in early June, while the strait—traversed by a fifth of the world's oil and liquefied natural gas traffic before the war—remains largely closed.
Fuel price shocks and inflation hit African economiesSouth Africa raised its key repo rate by 25 basis points to 7% on May 29, with central bank governor Lesetja Kganyago signalling resolve to bring inflation back to the 3% target after it climbed to 4% in April, driven by fuel price hikes linked to the Iran war. Kenya's private sector activity shrank for a third straight month in May, with inflation rising to 6.7% year-on-year—its highest in more than two years—largely due to fuel price increases, while South Africa's business confidence index fell eight points to 39 in the second quarter as Middle East tensions interrupted the recovery.
Supply chain disruptions threaten humanitarian aid and global marketsSurging transport costs and supply chain disruptions linked to the Iran war are threatening delivery of lifesaving aid to children, with UNICEF reporting delays of up to six months and a 36% surge in transport budgets in some countries. Asian LNG prices have rallied 75% from pre-war levels to $18.20 per mmBtu, while the closure of the Strait of Hormuz has taken most LNG supply growth from 2025 to 2026 off the market, with consequences expected to be felt until at least 2030.
Iran Updates
Sumitomo Corp provided financing to the buyers of its 54% stake in Madagascar's Ambatovy nickel operation, smoothing its exit from the loss-making project, three sources familiar with the matter...
Standard Bank has published a bullish macroeconomic assessment of the giant Rovuma liquefied natural gas (LNG) project in northern Mozambique, which has been described as the largest commercial...
Australia’s gold output reduced to 75 t in the quarter ended March 31, owing to rain and bushfires in Western Australia. This compares to gold mine production of 73 t in the same quarter last year....
By: Ben Ouattara - Head of Africa, Puma Energy History offers a familiar lesson: when global energy markets are disrupted, Africa often bears a disproportionate share of the consequences.
Oil prices jumped more than $4 on Monday, with investors spooked by fresh Israeli strikes on Iran as well as renewed attacks on Lebanon a day earlier. Brent crude futures rose $4.42 or 4.47% to...
Liquefied natural gas (LNG) prices could rise further in significant volatility than experienced so far during the Iran war if supply disruptions coalesce with hot weather in Asia and European...
Gulf hostilities flared again on Wednesday, with an Iranian missile attack damaging Kuwait's airport and the US military carrying out strikes near the Strait of Hormuz, as diplomacy between...
South Africa's private sector contracted in May as output and new orders fell amid higher fuel prices and uncertainty linked to the Iran war, a business survey showed on Wednesday. The S&P Global...
Nigeria's 650 000 bbl/d Dangote oil refinery has a large surplus of jet fuel and can supply the product all over the world, CE David Bird said on Tuesday. With demand on the African continent lower...
South Africa has demonstrated that it can deliver on its fiscal targets and its structural reform agenda, and the benefits of latent improving fiscal credibility are already evident in the form of...
The Business Confidence Index (BCI) published by financial services firm RMB and economic research organisation the Bureau for Economic Research (BER) fell by eight points to 39 in the second...
South Africa's central bank governor Lesetja Kganyago said on Tuesday that the bank would bring inflation back to its 3% target, defending last week's rate hike as necessary to prevent second-round...
The prices of petrol 93 and 95 (ULP and LRP) are both set to increase by R1.43 a litre, effective June 3, while diesel prices are set to decrease by R3.25 a litre (0.05% sulphur) and R2.62 a litre...
Much has been written in recent weeks about the geopolitical factors now driving the energy transition. Particular attention has been given to how the attack on Iran by the US and Israel, which...
The South African automotive industry and government have not yet found “that sweet spot” that would shore up the local manufacturing sector as it faces declining local parts content and increasing...
South Africa's central bank raised its key interest rate by 25 basis points to 7% on Thursday, saying the decision was aimed at managing risks and ensuring that inflation returns to target. The...
The Southern African Vinyls Association (SAVA) hosted its 14th Annual General Meeting (AGM) on 21 May 2026, bringing together key stakeholders from across the PVC value chain to reflect on the past...
Canada and Germany’s State-owned energy firm SEFE said on Wednesday they had reached what Canada described as its first liquefied natural gas (LNG) supply deal with a European buyer, underscoring...
Gold trimmed losses on Thursday following the release of US April inflation data, but prices were still down for a third straight session as skepticism over a US–Iran deal clouded the interest rate...
South Africa’s central bank is set to raise borrowing costs for the first time in three years as policymakers seek to combat inflationary pressures stemming from the Iran war, including sharply...
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