New Zealand Economy Report: March 2026
Impact of the Iran Conflict on Global Trade
The ongoing conflict involving Iran has entered its fourth week, resulting in the near-total closure of the vital Strait of Hormuz to maritime traffic. This situation poses a significant threat to the world economy, as a substantial share of key commodities typically transits through this strategic passage en route to international markets.
Among the most affected is crude oil, with disruptions now impacting up to one-fifth of the global supply. Other essential products are also experiencing considerable interruptions, including:
- Refined petroleum products (15–25% of worldwide supply)
- Urea (30%)
- Sulphur (45%)
- Helium (30%)
- Methanol (46%)
- Liquefied natural gas (20%)
For New Zealand, the situation is particularly acute, as the country has relied entirely on imported liquid fuels since 2022.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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