Updates to reflect afternoon trade

JOHANNESBURG, July 8 (Reuters) - 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 ZAR=D3, roughly down 0.5% from its previous close and broadly in line with losses among its emerging-market peers.

• The U.S. dollar =USD 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 .JTOPI was last down 1.3%.

• South Africa's benchmark 2035 government bond ZAR2035= weakened, with the yield rising 7.5 basis points to 8.305%.