Star 2026-03-02

Oil markets brace for price shock on escalating tensions around the Strait of Hormuz Oil markets are bracing for a potentially historic price shock after the United States and Israel launched military strikes against Iran over the weekend, dramatically escalating tensions around the Strait of Hormuz, the world’s most critical energy chokepoint. Brent crude closed the week near seven-month highs at around $73 per barrel, up roughly 16% since the start of the year. The surprise attack on Iran came after the US and Iran agreed to continue nuclear negotiations next week. Discussions were set to resume after consultations in each capital, alongside technical-level meetings scheduled next week in Vienna. The immediate collateral damage of the strikes has been the closure of crucial Middle Eastern airspace, a vital corridor for…

The South African Revenue Service (SARS) has laid out an ambitious, system-wide plan to tackle the country’s ballooning illicit economy after ActionSA MP Alan Beesley warned in Parliament that the revenue authority remains underfunded and unable to fully confront organised criminal networks. Beesley on Friday argued that illicit trade had become “a cancer” on the economy, warning that South Africa was moving from “stage one to stage two” of a crisis that could soon spiral beyond control. He called for an urgent, integrated response and proposed a discussion between the Finance Minister, National Treasury and SARS to address funding constraints. According to Beesley, strengthening SARS could be done without worsening pressure on the fiscus. Addressing a joint meeting of the Standing and Select Finance and Appropriations Committees on Friday, SARS…

South Africa’s ambition to build a competitive green hydrogen economy received a significant boost this week with the launch of the Wits–South Africa Hydrogen Localisation Initiative (Wits-SAHLI), a R100 million investment aimed at strengthening local research, skills and industrial capacity. The initiative is a partnership between Air Liquide South Africa, the University of the Witwatersrand (Wits University) and the Localisation Support Fund (LSF). It will see the establishment of a modular pilot hydrogen plant on Wits’ West Campus, designed as a “living laboratory” for applied research, teaching and industry collaboration. Speaking at the launch on Friday, Minister of Higher Education and Training, Buti Manamela, said South Africa has committed itself to building a competitive hydrogen economy aligned with Hydrogen Society Roadmap. “Hydrogen is not just an alternative energy source. It…

The United Nations' nuclear agency will hold an extraordinary meeting on Iran on Monday in the wake of the US-Israeli strikes on the Islamic republic, aimed in part at Tehran's atomic programme. In a statement late on Saturday, the Vienna-based International Atomic Energy Agency (IAEA) said the meeting was at the request of Russia, a key ally of Tehran. Iran had made the same request in a letter to IAEA chief Rafael Grossi on Saturday following the strikes, which led to the death of Iran's supreme leader Ayatollah Ali Khamenei. As a result, the agency will hold a "special session of the IAEA Board of Governors on matters related to military strikes of the United States and Israel against the territory of the Islamic Republic of Iran", the IAEA said…

Media24 has reported the closure of its prominent Sunday newspaper, City Press, in a further shift reflecting ongoing challenges in the traditional print media landscape. The announcement marks a pivotal moment not only for the publication, which has been a staple in South African journalism since its launch in 1992, but also for Media24's evolving strategy as the company transitions into a predominantly digital business. The company reported online it would aim to limit job losses for the about two dozen staff. Naspers subsidiary Media24 reported adjusted earnings before interest and tax ((aEbit) loss of $10 million for the six months ending September 2025, an improvement from the aEbit loss of $14m at the second half of 2025, but well down from the $1m loss reported in the first half…

Following the National Energy Regulator of South Africa (Nersa) and power utility Eskom agreeing to suspend legal proceedings on Friday over the licensing of five trading partners, energy experts said the announcement creates the regulatory space to address the current gap, which hinders trading The announcement was made on Friday following Eskom's application proceedings in the High Court on 24 July seeking to review and set aside the decision of Nersa to grant five electricity trading licences. The traders who Nersa granted licences to are Green Electron Market (Pty) Ltd, CBI Electric Apollo (Pty) Ltd, GreenCo Power Services (Pty) Ltd, Discovery Green (Pty) Ltd, and NOA Group Trading (Pty) Ltd. The statement by Eskom and the trading partners said that following a period of constructive engagement and consultations between both…