about 1 hour ago
In this picture obtained from Iran's ISNA news agency on 4 May, 2026, the Iran-flagged tugboat Basim sails near a ship anchored in the Strait of Hormuz off Bandar Abbas in southern Iran.
A sustained disruption to global oil supplies would slow New Zealand's economy but is unlikely to trigger a major recession, according to professional services firm Ernst and Young (EY).
New analysis modelled various scenarios of the potential impact of the closure of the Strait of Hormuz, a critical shipping route for around 20 percent of global oil flows, ranging from a short-lived disruption to a crisis lasting up to 18 months.
The strait has been closed since early March due to the Middle East conflict.
