By Newsbreak Producer, Tashlan Naidoo - Experts believe the prolonged conflict in the middle east could result in significant fuel price hikes over the short term and in turn a higher cost of living in South Africa. This is due to constrained brent crude supply from the Middle East which transports around 20% of the world's oil supply through the Strait of Hormuz which is now being blocked by Iran. The price of oil soared to over 100-dollars a barrel by yesterday, but has declined to just over 90-dollars by this morning. U.S. President Donald Trump says that he would escalate the conflict with Iran if it blocked oil shipments from the Middle East. Country manager for trade at Allianz South Africa - a global financial service provider, Luke Morawitz explains the impact for South Africans and its economy should this conflict persist longer than a few weeks...

<p>By Newsbreak Producer, Tashlan Naidoo - Experts believe the prolonged conflict in the middle east could result in significant fuel price hikes over the short term and in turn a higher cost of living in South Africa. This is due to constrained brent crude supply from the Middle East which transports around 20% of the world's oil supply through the Strait of Hormuz which is now being blocked by Iran. The price of oil soared to over 100-dollars a barrel by yesterday, but has declined to just over 90-dollars by this morning. U.S. President Donald Trump says that he would escalate the conflict with Iran if it blocked oil shipments from the Middle East. Country manager for trade at Allianz South Africa - a global financial service provider, Luke Morawitz explains the impact for South Africans and its economy should this conflict persist longer than a few weeks...</p>

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