The oil price has risen to $84.28 per barrel. It seems OPEC might maintain production restrictions for the rest of the year, but there will be more clarity after June 1st when they meet again. The increase in oil prices is now driven again by escalating geopolitical conflict.

The Rand remains stronger, trading at R18.17 per US Dollar, the strongest levels in 5 months. This is mostly due to the US Dollar weakening amid more likely interest rate cuts. Last week’s US inflation figures further strengthened the Rand, as well as strong precious metal prices like gold and platinum. However, the election will significantly affect the exchange rate, and if the ANC dips below 50% in the election, it could bring more uncertainty and temporarily weaken the Rand.