Forex
NZ Stock Market Drops Amid US-Iran Tensions
New Zealand's stock market took a hit as concerns over US-Iran tensions spread across Asia.
The S&P/NZX 50 fell 0.65% to 13,881.88, mirroring a broader 'risk-off' tone in the region.
The drop was largely driven by energy security fears, with Reuters reporting that Washington is considering sweeping sanctions targeting countries trading with Iran.
Tehran responded by warning it could halt Gulf oil exports, which sent crude prices soaring as traders demanded extra compensation for the risk of supply disruptions.
New Zealand's economy, a fuel-importing small open economy, is particularly vulnerable to higher oil prices, which can feed into transport costs and inflation expectations.