Petrol price hangs in the balance as US-Iran tension hots up

An employee holds a pump at a petrol station in Sao Paulo, Brazil. File Picture: REUTERS/PAULO WHITAKER

If the upward trend were to continue, a period of relative petrol price stability would likely come to an end for beleaguered SA consumers, who are already taking strain in a slow domestic growth environment. The oil price had in any case been moving towards $70 in the final month of 2019, supported by an imminent trade deal between the US and China as well as signals that an agreed production cut between Opec members would be extended into mid-2020.

Erlam said that in coming weeks he expects to hear a lot more about the Strait of Hormuz, a strategically important choke point for global oil shipping that Iran may seek to disrupt as part of its retaliation.

More money for those in the Oil business because they benefit when there are tensions among oil producing countries! Trump in return will get campaign funding flowing from direct&indirect beneficiaries of these US-Iran tensions. CNNPolitics Trevornoah

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