Brent crude climbed above $100 a barrel as renewed attacks in the Middle East intensified supply concerns, sending global markets lower and adding fresh pressure to inflation and the rand.
Oil prices surged above the psychologically significant $100 a barrel mark on Friday morning as escalating conflict in the Middle East reignited fears of supply disruptions, adding fresh inflation risks just a day after the South African Reserve Bank (Sarb) opted to leave interest rates unchanged.
Brent crude traded at $100.81 a barrel at 5:30am South African time on Friday after climbing 7% in the previous trading session to settle at $100.69 a barrel.
The sharp increase followed intensified Houthi attacks on Saudi oil tankers, raising concerns about global energy supplies.
The return of triple digit oil prices weighed heavily on investor sentiment across global markets.
