US-Israel-Iran Conflict Spikes Global Economic Pressures

New Zealand Foreign Minister Winston Peters pointed to inflation, tariff changes, and restricted oil supplies through the Strait of Hormuz as major pressures on the global economy.

Oil prices climbed for a second consecutive session, with Brent crude rising above $106 a barrel due to concerns over Middle East supply disruptions.

Peters said that despite significant international pressures, New Zealand's economy had been turned around and argued that the country should aim to double its size by 2050 through stronger economic growth.