South Africa’s 10-year bond yield hovered around 8.85%, the highest level in two weeks, as investors weighed the prospect of a potential resolution to the Middle East conflict. President Donald Trump postponed a planned military strike on Iran after Gulf states requested a two-to-three-day delay, easing immediate supply-shock fears and pushing down oil prices. Despite the pullback, crude oil prices remained near a four-year high, while uncertainty over the reopening of the Strait of Hormuz kept inflationary pressures elevated, potentially prompting interest rate hikes. Domestically, attention turns to South Africa’s April inflation data, which will be closely watched by the central bank for signs of building price pressures amid the Middle East conflict. A Reuters poll suggested headline inflation could rise to 4.9% in April from 3.1% in March, amid a lagged pass-through of higher global oil prices and recent petrol and electricity price hikes.