Bozell and envoys from 19 other nations, including Cuba, Lebanon, Zimbabwe and Ukraine, were formally accredited at a ceremony in Pretoria, the capital, on Wednesday, enabling them to fully assume their duties.
Most international stock markets rebounded strongly, while the oil price plunged to around $95 a barrel.
Brent for June settlement dropped 13% to $94.72 a barrel at 9:13 a.m. in London.
Momentum head of asset allocation Herman van Papendorp expects ‘earnings growth momentum might be slightly slower than pre-Iran, but it's still going to be there, still going to be significant’.
Marking a boost for the London-listed firm after short-seller Viceroy Research claimed its provisions for compensation were too small.
The vital waterway has been virtually closed since US and Israeli strikes at the end of February prompted Iran to tighten its control, triggering an unprecedented energy-supply crunch.
Emerging economies in Africa and Asia have struggled to cope with the ripple effects of a weeks-long conflict in the Persian Gulf, including fuel shortages and soaring prices.
Global benchmark Brent crude slid as much as 16% to $91.70 a barrel and European gas prices dropped 20%.
Spiked as much as 4.9% to $72 738, its highest level since March 18, before paring gains to trade at $71 300 at noon on Wednesday in Singapore.
Spot gold rose 2% to $4 800.47 an ounce as of 12:49 p.m. in Singapore.