Trump urges Iran to negotiate 'before it's too late'
A fire blazes in the oil depots of Shahran, northwest of Tehran, on June 15 after further attacks from Israel. Economists express worry about the potential for a fresh wave of inflation should global oil prices rise considerably. This is especially troubling for South Africa, a country already facing high unemployment and persistent economic challenges.
SPEAKING on the sidelines of the G7 summit yesterday, US President Donald Trump said if Iran wants to talk about de-escalation and it should negotiate with Israel "before it's too late."
"I'd say Iran is not winning this war, and they should talk, and they should talk immediately," Trump told the media during the start of a meeting with Canadian Prime Minister Mark Carney.
The bloody conflict entered its fourth day yesterday.
According to reports, Israel's strikes have killed at least 224 people inside Iran, including top military commanders, nuclear scientists and civilians, according to authorities in the Islamic Republic.
On the other hand, the death toll in Israel rose by 11 yesterday, the prime minister's office said, bringing the total since Friday to 24.
Yesterday, Iran's state broadcaster in Tehran was reportedly hit by an Israeli strike in the evening.
No information about casualties or damage was immediately available at the time of going to print.
The South African government has expressed 'deep concern' regarding the escalation of hostilities between the State of Israel and the Islamic Republic of Iran, following days of warfare between the Middle East nations.
Economists have sent a warning about the war.
According to UK-based Nigel Green, CEO of deVere Group, global stock markets are showing a 'dangerous complacency' in response to the sharp escalation of military conflict between Iran and Israel, warns the CEO of one of the world's largest independent financial advisory organisations.
''Despite the scale and significance of recent developments, investor behaviour reflects misplaced calm, with major indices rebounding quickly after a brief dip.
'The world is watching a confrontation between two major regional powers, and yet markets are treating it as background noise.
'This isn't resilience, it's a mispricing of risk. Investors are leaning into a narrative that no longer fits the facts,' Green
As the Israel-Iran war inches closer to full-scale war, the ripples are likely to spread throughout the South African economy, primarily due to the implications of rising fuel prices.
A substantial portion of South Africa's oil imports passes through this region, making the prospect of escalated conflict, particularly involving Iran, a concern for potential disruptions in oil shipments. Such disruptions would likely lead to immediate increases at petrol pumps.
Economists express worry about the potential for a fresh wave of inflation should global oil prices rise considerably. This is especially troubling for South Africa, a country already facing high unemployment and persistent economic challenges.
Furthermore, the South African rand is likely to experience increased pressure, which would further exacerbate import costs amid existing global uncertainties.
The conflict is set to dominate the agenda at the G7 Leaders Summit in Kananaskis, Alberta, Canada, this week as world leaders gather at the G7 meeting, with fears that the war could degenerate into a broader Middle East war. President Cyril Ramaphosa is attending the G7 Summit.
Chrispin Phiri, spokesperson for the Minister of International Relations and Cooperation, Ronald Lamola, said South Africa extends condolences to the people of both nations who have suffered casualties since the war erupted.
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