But in the weeks since, there has been a flood of more than 60 million trapped barrels that were frozen in place when the war began.\u00a0<\/p>\n\n\n\n
Both Saudi Arabia and the United Arab Emirates have been at or close to the\u00a0level of exports<\/a>\u00a0they were shipping prior to the Iran war.<\/p>\n\n\n\n This was helped by US military protection while sailing through the Strait of Hormuz, together with pipelines they\u2019ve been using to bypass the waterway. <\/p>\n\n\n\n Iranian oil, for years subject to heavy American sanctions, is now free to purchase again after the US issued sanctions waivers.<\/p>\n\n\n\n The recovery in Hormuz is happening at the same time that much of the oil market\u2019s wartime workarounds are still in place. <\/p>\n\n\n\n China, which helped to stabilise the global market by drastically reducing its purchases, has remained largely on the sidelines. <\/p>\n\n\n\n And every week, millions of barrels continue to flow from emergency underground storage caverns on the US Gulf Coast, part of a record 400 million-barrel release designed to alleviate an oil crisis that no longer exists.\u00a0<\/p>\n\n\n\n \u201cThe market is facing the risk of a temporary glut as trapped oil finally re-enters a system that has already spent months learning how to function without it,\u201d Natasha Kaneva, the head of commodities research at JPMorgan Chase & Co., said in a note. <\/p>\n\n\n\n \u201cThe barrels now exiting Hormuz increasingly have nowhere to go except China. But China is not buying.\u201d<\/p>\n\n\n\n It\u2019s a surplus that\u2019s visible on both the trading screens of Wall Street and the supertankers ploughing the world\u2019s oceans.\u00a0 [Bloomberg]<\/p>\n\n\n\n National shutdown cost: <\/strong>South Africa\u2019s road freight and logistics sector reportedly lost as much as R100 million as a result of the national shutdown which took place on 30 June 2026. This figure reportedly included all cost estimations for extra security, extra shifts, extended warehousing, trip delays, and paid days for employees told to stay home. [Daily Investor<\/a>]<\/p>\n\n\n\n New licence fee: <\/strong>Minister of Transport Barbara Creecy has confirmed that the government is working on a new funding model for the Road Accident Fund (RAF). Creecy said there was merit in a separate mandatory RAF fee, which would be tied to vehicle registrations and licence disc renewals. [Top Auto<\/a>]<\/p>\n\n\n\n Number plate changes on ice: <\/strong>Gauteng\u2019s Department of Roads and Transport has put its plans to introduce new number plates on hold due to technical limitations. The new license plates were unveiled in June 2025, with plans to roll them out across Gauteng within six months. [Newsday<\/a>]<\/p>\n\n\n\n Load shedding allegations: <\/strong>Former President Thabo Mbeki alleged that Eskom managers intentionally allowed the power utility to descend into load-shedding to exploit tender processes. It was one of the major allegations made by Mbeki during his speech at the 2026 National Democratic Revolution (NDR) Seminar, held on 29 June 2026. [Mybroadband<\/a>]<\/p>\n\n\n\n Affordable housing debate; <\/strong>South Africans are divided over the City of Cape Town\u2019s proposal to redevelop the King David Mowbray Golf Club into a mixed-use, high-density precinct. The plan has caused one of the city\u2019s biggest debates. It puts the need for affordable housing against worries about losing a historic sports facility and a valued green space. [BusinessTech<\/a>]<\/p>\n\n\n\n Here are five important things happening in and affecting South Africa on Sunday, 5 July.<\/p>\n","protected":false},"author":10,"featured_media":792887,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20398],"tags":[25733],"class_list":["post-865482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-5-things","tag-five-things"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/865482","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=865482"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/865482\/revisions"}],"predecessor-version":[{"id":865483,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/865482\/revisions\/865483"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/792887"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=865482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=865482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=865482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}5 important things happening today<\/h2>\n\n\n\n
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