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US, Iran conflict could lead to fuel price increases for SA - economists

Millions of people have taken to the streets in Iran, promising severe action against the US for the killing of military leader Qasem Soleimani.

Picture: EWN

JOHANNESBURG - With the Automobile Association of South Africa predicting that there will be minor changes to fuel prices next month, concerns have been raised that oil prices will increase dramatically due to the tensions between the US and Iran.

Millions of people have taken to the streets in Iran, promising severe action against the US for the killing of military leader Qasem Soleimani.

He was killed in a drone attack at Baghdad Airport last week.

The oil price has increased by 3% over the past week which is not good news for fuel prices. Economists are concerned that if there is a wider conflict, oil tankers may be targeted and supply reduced.

This would then shoot up fuel prices, which ultimately affects inflation.

The bulk of South African oil comes from Saudi Arabia along with other African countries.

In the meantime, the US is continuing to pour troops into the area while Iran is promising to take revenge.

Brent crude has been trading at around $69 dollars a barrel.