Global oil prices have breached the 100 dollar -a-barrel mark following a sharp escalation in Middle East geopolitical tensions.

​The spike comes after Yemen’s Houthi rebels claimed responsibility for missile and drone strikes targeting two Saudi oil tankers in the Red Sea.

Analysts warn that continued conflict in the region threatens vital maritime trade routes, raising immediate fears of broader disruptions to global energy supplies.

The rand is trading at R16.74 to the US dollar, R22.29 to the pound sterling, and R19.03 to the euro.

Stocks on Wall Street are red. The Dow Jones is down 0.8 and the Nasdaq composite is 1.3 percent lower.

European markets have extended losses in afternoon trade. Britain’s FTSE is 0.6 percent lower; the CAC 40 in France is 1.5 percent weaker and Germany’s DAX is off 1.2 percent.

The All-Share index is down 0.8 at 108 775.

Financials are 1.3 percent in the red. The Industrial is 0.6 percent weaker; the Top 10 Resources has fallen 0.8 percent and the precious metals and mining index has declined by 2-point-6 percent.

Gold is trading at 4 045 dollars and platinum at 1 598 dollars per ounce.

The price of Brent crude oil is at 100.46 dollars a barrel.

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