Brent crude topped $100 a barrel as US-Iran tensions flare, marking another chapter in oil’s volatile price history this century.
Iran launched fresh attacks against the United States on Wednesday in retaliation for US strikes on its vessels in escalating conflict.
Oil prices fell as Trump announced crushing sanctions on Iran while Asian markets dropped amid tech selloff and AI investment concerns.
National Treasury extends fuel levy relief to June 2026, suspending the diesel levy entirely as Middle East tensions drive up oil prices.
President Donald Trump said a US naval blockade against Iran could last months, leading oil prices to spike.
Government has extended temporary fuel levy relief until the end of June, citing ongoing pressure on global oil prices due to the Middle East conflict.
Oil prices dropped over 10% after Iran declared the Strait of Hormuz open, boosting stock markets and hopes for peace talks.
The Middle East war spikes crude oil prices, impacting fuel costs and widespread products, threatening food security and manufacturing globally.
Rising fuel costs due to geopolitical tensions strain household budgets. Effective driving practices can mitigate personal expenses on fuel consumption.
Two ships have passed through the Strait of Hormuz since Iran agreed to reopen the waterway as part of a ceasefire deal.