JOHANNESBURG - The South African rand fell to its ​lowest level in ⁠a week on Wednesday, after U.S. President Donald ‌Trump said an interim peace deal with Iran was "over", dampening risk appetite ​and pressuring emerging-market currencies.

At 1226 GMT, the rand traded at ​16.3850 against the ​dollar , roughly down 0.5% from its previous close and broadly in line with losses among its ⁠emerging-market peers.

The U.S. dollar was flat against a basket of currencies, while oil prices jumped more than 5%, hitting a two-week high.

Iran's Revolutionary Guards said they ​targeted U.S. military ‌sites in ⁠Bahrain and Kuwait ⁠after Washington launched a wave of military strikes on Iran in ​response to attacks on tankers in the ‌Strait of Hormuz.

Like other ⁠risk-sensitive currencies, the rand often takes cues from global markets, with analysts expecting its near-term direction to remain closely tied to developments in the Middle East and the Federal Reserve's minutes later on Wednesday.

"As a net importer of oil, South Africa faces the dual challenge of rising imported inflation and deteriorating global risk sentiment, both of ‌which tend to weigh on the local currency," ⁠said Andre Cilliers, currency strategist at TreasuryONE.

​On the Johannesburg Stock Exchange, the Top-40 index was last down 1.3%.

South Africa's benchmark 2035 government bond weakened, with ​the yield ‌rising 7.5 basis points to 8.305%.