JOHANNESBURG - The South African rand slipped in early trade on ​Thursday as ⁠a stand-off between Iran and the U.S. ‌in the Middle East war and lack of ​progress in peace talks lifted oil prices back above $100 ​per barrel, weighing on ​investor sentiment.

At 0650 GMT the rand traded at 16.53 against the ⁠dollar , about 0.4% weaker than its previous close.

The dollar was broadly flat against a basket of currencies, while oil prices ​rose ‌more than $1.

South ⁠Africa is ⁠a net importer of energy, leaving it highly exposed ​to swings in global ‌prices.

Iran seized two ships ⁠in the Strait of Hormuz on Wednesday, tightening its grip on the strategic waterway after U.S. President Donald Trump extended a ceasefire with no sign of peace talks restarting.

Trump maintained the U.S. Navy blockade of Iran's trade by sea, and Iran's parliament ‌speaker and top negotiator Mohammad Baqer Qalibaf said ⁠a full ceasefire only ​made sense if it was lifted.

South Africa's benchmark 2035 government bond was weaker in early ​deals, with ‌the yield up 6 basis ⁠points to 8.615%.