Global oil prices surge to four-year high
The increase follows reports that the US military would brief Trump on potential action against Iran
Black News 
Global oil prices have surged to a four-year high, reaching $126 dollars (R2 115, 56) a barrel.
The sharp increase follows reports that the United States military would brief President Donald Trump on potential action against Iran.
This has heightened fears that the conflict involving the US, Israel and Iran could escalate further.
Currency Risk Strategist at TreasuryONE, Andre Cilliers, says the situation in the Middle East, with the Strait of Hormuz effectively blocked, has become problematic.
“Add to that the uncertainty of what happens now with the UAE that announced that they will be leaving OPEC. That throws another cat amongst the pigeons. At the same time, Mr Trump also said that people and countries need to prepare for a long duration of a Strait of Hormuz that will be closed.”
