The airstrike on the Iraqi capital Baghdad on Friday could mean that South Africans will have to pay more for fuel.
The Brent crude oil price rose to above $ 70 a barrel after the attack.
It trades at $ 70.06 a barrel on Monday morning.
This is the first time since May 2019 that oil has traded above this level.
Oil was trading at $ 69.64 a barrel on Friday.
Bloomberg reports that the biggest reason for this dramatic increase is because of concerns about the US-Iran relationship.
This comes after Iranian terrorist Kassem Soleimani died Friday in the airstrike that Trump approved.
The Central Energy Fund said on Friday, thanks to the rand that has been trading stronger against the dollar since mid-December, that there is an over-recovery (potential fall) of about 14c per liter on the price of 95-octane gasoline.
However, it has shrunk sharply over the past few days due to the weakening rand and rising oil prices.