Brent Crude oil is around $107–$113 per barrel while the West Texas Intermediate (WTI), is around $98 per barrel.
America has threatened to attack Iran if the Strait of Hormuz is not opened in the next 48 hours.
But there were also reports of America buying oil from Iran, despite sanctions against the country.
Iran threatened to attack.
Analysts are concerned about a recent strike on Diego Garcia, noting that as a result, Europe is on high alert.
Emmanuel Navon, Israel’s political scientist and author, wrote over the weekend “Iran’s attempted strike on Diego Garcia, reveals something important: Its missiles can reach about 4,000 km. This puts parts of Europe within potential range. Europe can no longer treat the Iranian threat as a distant issue. A coordinated approach with Middle Eastern countries already facing this threat is becoming necessary.”
Iran’s Khatam al Anbiya (Armed Forces) spokesman said “we have learned the way to defeat you, and that way is resistance. Our enemies know that continuing the war means yet another layer of ruin on top of their already ruined bases—damage that will not be rebuildable. The sapling of the Islamic Revolution has become a strong, deep-rooted, and unbreakable tree. We are grieving, but we are not tired. Our losses are the force that drives us to strike you.”
al Anbiya also vowed the war would continue.
Iran also announced over the weekend, that South African cargo ships and oil tankers, are among countries allowed on the Strait of Hormuz, and reiterated, only vessels to the United States and Israel, are disallowed.
The Department of Minerals and Petroleum in South Africa condemned actions of statements encouraging people to rush to pumps prior to the weekend, fearing fuel might run out due to the ongoing war in the Middle East.
Both the Department and the Fuels Industry Association said there is adequate fuel to meet demand in the short term.
This is despite fuel prices expected to rise by at least R5 a litre in April.