Iran says the Strait of Hormuz stays closed until its seven conditions are met, keeping oil near US$100
Iran's chief negotiator said the Strait of Hormuz stays closed until the United States meets Tehran's seven conditions (Al Jazeera, Kurdistan24, Pajhwok, Seoul Economic Daily, 4 Oct). The US has not accepted them. WTI closed Friday at US$91.11, down 1.90%. South Africa's fuel review used an average Brent price of about US$101 a barrel. No reopening has been confirmed.
About a fifth of the world's oil passes through the strait. As long as it is shut, crude stays expensive and South Africa pays more for petrol, diesel and the electricity and goods that depend on them.
Every sustained US$10 move in Brent shows up in the pump price within weeks. If the standoff continues, plan for another rise in November.
Iran says closure is leverage to get its conditions heard, and points to a US blockade of its ports.
Washington and its allies say the closure is an illegal blockade of a shipping lane and have released strategic oil stocks to cushion prices.
This is the largest swing factor in the fuel price. Watch for any US reply to the seven points and for the first November price forecasts from the Central Energy Fund.
DailyDrop South Africa edition No. 1 · Morning · MON., OCT. 5, 2026