JOHANNESBURG - The South African rand weakened on ​Thursday, pressured by ⁠a stronger dollar and higher oil prices as ‌tensions between Iran and the United States persisted in the ​Middle East.

At 1314 GMT the rand traded at 16.53 ​against the ​dollar , about 0.4% weaker than its previous close.

Oil prices steadied on Thursday, holding on ⁠to gains from the previous session that lifted prices above $100 a barrel.

The dollar was headed for its first weekly rise in a month, making greenback-priced bullion more ​expensive for holders ‌of other ⁠currencies.

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 while Iran's parliament speaker and top negotiator Mohammad Baqer Qalibaf said a full ‌ceasefire only made sense if it was lifted.

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

South Africa's benchmark 2035 government bond was weaker in early deals, with the ​yield up ‌8 basis points to 8.635%.