Audio By Carbonatix
South Africa's President Cyril Ramaphosa said on Wednesday that the escalating conflict in the Middle East was already putting strain on the African continent's supply chains and causing higher energy prices.
Ramaphosa made the comments at an African energy conference in Cape Town, which is taking place at a time of extreme volatility in global energy markets.
Oil and gas prices have surged following Israeli and U.S. strikes on Iran and retaliation by Tehran that forced shutdowns of oil and gas facilities across the region and disrupted shipping in the crucial Strait of Hormuz.
"Africa is already experiencing the impact of the escalating conflict in the Middle East, with strains on supply chains and higher energy prices," Ramaphosa told the Africa Energy Indaba conference.
"As we have seen with Russia-Ukraine and during the COVID-19 pandemic, shifting geopolitical sands underscore the vulnerabilities of import-dependent economies across Africa," Ramaphosa added.
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