Oil prices continue to retreat as diplomatic progress between the US and Iran calms markets, but weak manufacturing data highlights ongoing challenges for the South African economy.
Oil prices have fallen to their lowest levels in four months as easing tensions in the Middle East continue to reduce fears of supply disruptions, offering a measure of relief for inflation weary consumers and businesses across the globe.
Brent crude traded at $70.68 a barrel early on Thursday morning, extending losses after falling nearly 2% during the previous trading session.
The decline comes as diplomatic progress between the United States and Iran improves market sentiment and reduces concerns over disruptions to global oil supplies through the Strait of Hormuz.
The softer oil price marks a dramatic reversal from the spike seen during the recent conflict, with prices now trading below levels recorded before tensions escalated.
