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Oil and gold price surge will shock and awe SA | SA News

The dramatic escalation in Middle East tensions with the US and Israeli offensive against Iran that has killed the Islamic republic’s supreme leader Ali Khamenei is roiling global markets and South Africa’s economy is going to feel the pain while the gold sector and companies such as Sasol stand to gain.

The fallout from the unfolding drama has lit a fuse under the price of oil and gold – “conflict commodities” which, for different reasons, often reflect geopolitical tensions – and this combination is a double-edged sword for South Africa’s economy.

Let’s start with oil. The closure of the Strait of Hormuz, a key artery in the global oil supply chain, triggered a 10% spike in oil…

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