Oil prices climbed to six-week highs amid escalating military exchanges between the United States and Iran in the Strait of Hormuz, according to Al Jazeera. The strikes have disrupted maritime traffic through the waterway, a critical chokepoint for global oil shipments. The reported surge in prices reflects market concerns over potential supply interruptions, as a significant share of the world's crude oil passes through the strait. The situation remains fluid as tensions between Washington and Tehran intensify.

South African households are experiencing a two-year high in inflation, reaching 4.5%. This increase in prices is attributed to the ongoing US-Israeli conflict with Iran, which is impacting the economy.

South African motorists could face a significant fuel price increase in September, according to The South African Biz. The latest data reportedly points to sharp hikes across petrol, diesel and illuminating paraffin, adding pressure on consumers already dealing with elevated living costs. The projected increases are based on current fuel price data ahead of the official monthly adjustment.

The South African Biz reports that South African motorists will face sharply higher petrol and diesel costs from Wednesday, 2 September 2026, according to the official September 2026 fuel price announcement. The report frames the change as another painful trip to the pumps, indicating increases for both petrol and diesel, but the provided excerpt does not include specific price figures, reasons for the rise, or comparisons with previous months.

Uganda's annual inflation rate increased to 3.2 percent in May from 3 percent in April, primarily due to rising fuel and transport costs associated with higher global oil prices. This trend has raised concerns at the Bank of Uganda regarding external inflation pressures, while food prices have remained relatively stable. The Uganda Bureau of Statistics reported a monthly consumer price rise of 0.7 percent.

Diesel prices in South Africa have risen by more than 11%, raising concerns about renewed inflationary pressure. According to The Citizen Business, the increase could benefit Sasol and some coal producers, but freight operators are expected to bear much of the cost, with consumers ultimately affected as transport expenses feed through to prices.