Peters Warns of Economic Fallout from US-Israel-Iran Conflict

New Zealand Foreign Minister Winston Peters expressed concerns about the economic impact of the ongoing US-Israel-Iran conflict, citing inflation and restricted oil supplies through the Strait of Hormuz as major pressures on the global economy.

Peters pointed to the country's latest Pre-election Economic and Fiscal Update (PREFU) as evidence that New Zealand's economy had been turned around despite significant international pressures. However, he emphasized that stronger economic growth would be necessary to give substance to political commitments by aiming to double the size of its economy by 2050.

The conflict has led to increased concerns about Middle East supply disruptions, with oil prices climbing for a second consecutive session. Brent crude rose above $106 a barrel, while US West Texas Intermediate (WTI) gained $1.34, or 1.5%, to $93.94.