Shares in energy and chemicals group Sasol have risen to their best level in nearly six months as oil prices stage a comeback and the rand weakens.Oil prices also reached their highest level since November after Washington announced all waivers on imports of sanctions-hit Iranian oil would end next week, pressuring importers to stop buying from Tehran and further tightening global supply, according to Reuters.
Brent crude was at $74.10 a barrel on Tuesday afternoon. Earlier, prices reached $74.66, the best since early November. Sasol, which operates in SA, the US, Europe and China, also benefited from the weaker rand. The local currency was 0.3% down at R14.20/$ on Tuesday afternoon. Andre Botha, senior dealer at TreasuryOne, said risk assets “are on the back foot” due to the US’s actions against Iran. “Iran has vowed to close the Strait of Hormuz in retaliation, which will impact oil supply to global markets.”
“Expect the rand to test the higher end of the band today as it digests the current shift in sentiment after the crude oil rally.”
Source: Energy Industry News (energyindustrynews.net)
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