Renewed Middle East conflict threatens higher oil prices
Mmakwe Masilela, market analyst at Makwe fund managers says, “a flare up in the us-iran conflict is causing the likes of oil to go up because that makes the strait of formation to be closed so that affects oil prices then it’s a question of supply and also it makes the likes of the us dollar to strengthen because we started increasing bets that the us will increase interest rates come the 29th of july and in an environment where you see interest rates going up or being elevated that has a negative impact when it comes to our bonds and gold which are traditional haven assets.
But, Market analysts say the renewed conflict will not only impact oil prices but also gold prices and a weaker Rand, among other things.
Market analysts say the renewed conflict will see oil prices rise, gold become unaffordable, and the Rand weaken.
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