A prolonged disruption to crude shipments could quickly reverse those gains, particularly in Africa's net oil-importing economies, where higher energy costs feed directly into inflation and operating expenses.

Global energy demand has started to recover as oil shipments through the Strait of Hormuz partially resumed in June, the IEA said.

After a week of strong recovery, South African markets face renewed uncertainty due to tensions in the Strait of Hormuz, impacting oil prices and economic stability.