New Zealand’s next steps as Middle East war escalates
New Zealand is once again feeling the fallout of a geopolitical crisis. With a de facto blockade of the Strait of Hormuz in place, oil prices soared past the $US90 per barrel mark after New Zealand’s close of business on Friday. Little sustained relief is in sight, particularly after Iran’s retaliatory strikes on the Gulf states continued over the weekend, even after a pledge by Iranian President Masoud Pezeshkian to limit attacks against neighbouring countries. The oil price spike and expected associated inflation will be a particular challenge for New Zealand Prime Minister Christopher Luxon, who had been keen to...