Brace for sharp oil pressure
Kia ora.
Welcome to Tuesday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.
I'm David Chaston and this is the international edition from Interest.co.nz.
Today we lead with news the US blockade on the Strait of Hormuz is starting, and a notable feature is that no other country has agreed to join it. Oil prices have risen, along with prices for many other products that rely on trade from the Persian Gulf.
The last tankers to exit the Gulf are now arriving at Asian refineries, so the crunch is ahead of us, and getting closer.
In the US, existing…
The skinny
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