South Africa’s 10-year bond yield eased to below 8.50% from a near one-week higher of nearly 8.55% hit on April 13, reflecting an improvement in global sentiment on renewed US–Iran negotiation hopes. Despite failed weekend talks and a US blockade announcement on Iranian oil shipments, later signals suggested Tehran remained open to dialogue. This improved prospects for a ceasefire and reopening of the Strait of Hormuz, pushing oil prices lower, easing inflation risks, and reducing expectations of a more hawkish stance from major central banks. Global tensions and elevated fuel costs have clouded South Africa’s inflation outlook, highlighting the economy’s reliance on fuel imports.