Finance · South Africa
Oil Price Rises After Iran Attack, JSE Drops and Shell Plans Exit
Moneyweb · 2026/03/18
Summary
The price of oil has surged following an attack on oil fields in Iran, which has caused a negative reaction on the Johannesburg Stock Exchange (JSE). Sasol, a major energy company in South Africa, saw its share price move in response to the rising oil prices. The increase in oil prices generally means higher fuel and energy costs for consumers. Additionally, Shell has announced plans to withdraw from South Africa, a move that may impact the local energy market and job security for some workers. Elke Brink, director and advisor at PSG Route 21, highlighted these events as key points affecting the market today.
OnABudget takeaway: Rising oil prices can lead to higher fuel costs, affecting everyday expenses for South Africans. Investors and small business owners should watch how these changes impact energy prices and company shares like Sasol and Shell.