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    On The Street On The Air | Kaya 959

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  • keyboard_arrow_rightOil prices could soar as US-Iran conflict escalates

Oil prices could soar as US-Iran conflict escalates

Experts warn that prolonged instability could have far-reaching consequences for international trade and the global economy

By Mapaballo Borotho

Trump threatens military action in Nigeria over alleged anti-Christian violence
Image @realdonaldtrump | Instagram

The conflict between the United States and Iran has intensified, with both countries launching fresh attacks against each other.

The latest strikes have heightened fears of a wider regional war.

Iran has targeted US allies in the Gulf following fresh American airstrikes, while fighting has disrupted shipping through the strategic Strait of Hormuz, pushing global oil prices higher.

Despite the escalation, diplomatic efforts are continuing in an attempt to prevent a broader conflict.

Phemelo Motene unpacked the latest developments and their global implications with Visiting Professor at the Wits Law School, Dr Mia Swart, on Kaya 959’s Point of View.

Swart said the escalating conflict, which has now continued for 10 days, is deeply concerning.

“We have already seen the price of oil spike again as a result of the latest attacks, and the closure of these two strategic waterways will have dramatic consequences for global trade.

Saudi Arabia relied heavily on the Red Sea during the earlier disruption of the Strait of Hormuz this year. If that route is also affected, ships may be forced to travel around the Cape of Good Hope, significantly increasing shipping times,” she said.

She added that this could place severe constraints on global oil trade, resulting in even higher oil prices.

Swart also said there has never been much reason to believe that a lasting peace was within reach, as many of the fundamental issues between Iran and the United States remain unresolved.

Listen to the podcast for the full conversation.

Iran launched an attack on US radar and defence installations in the Gulf on Tuesday, 21 July 2026, warning Washington that more decisive and powerful attacks would follow.

The conflict has also threatened to widen, with Houthi rebels in Yemen announcing a blockade of Saudi ports.

Following the deaths of at least three US soldiers in recent days, the United States launched a fresh round of strikes against Iran late on Monday, saying the attacks were “designed to further degrade Iranian military capabilities used to attack commercial shipping” in the Strait of Hormuz.

READ NEXT: Understanding the US-Israel war in Iran : How are human rights being oppressed 

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