Weekly Global Report:
On this page
Global
Price of crude oil remains volatile given ongoing Middle East conflict
The Strait of Hormuz remains compromised and Iran continues to strike energy infrastructure in the Gulf, further squeezing global fuel supply. Iran has pledged to continue such attacks if its own energy infrastructure is targeted again, potentially reducing Oil production in the region further. The price of Brent Crude is around US$112 per barrel, having traded as high as US$119 in the past week. The US announcing they will not be implementing a crude export ban has been the catalyst for the decrease in price However, the continuing global instability means that the price of crude oil remains volatile, which flows through to fuel costs in New Zealand. Saudi officials are projecting prices could exceed US$180 a barrel by the end of next month if the war continues.
Feedback
We welcome feedback from New Zealand exporters on this report and invite requests for reporting from New Zealand’s network of Embassies and High Commissions. If you have suggestions on a topic you would like to hear more about, or to subscribe to this weekly update, you can sign up here(external link) or email us at exports@mfat.govt.nz
Market reports released this week
- Read the previous global economic round-up
- Egypt Agri-Tech Landscape and Opportunities – March 2026
A full list of global economic round-ups can be found here(external link)
If you would like to request a topic for reporting please email exports@mfat.govt.nz
External links
The following links may provide useful information to businesses:
NZTE’s website(external link) and their myNZTE(external link) provides a range of insights and tools available to support New Zealand exporters.
The Treasury releases a weekly economic update(external link) every Friday. Stats NZ has published a data portal(external link) with near real-time economic indicators.
MBIE publishes a sector reports series(external link) which provides regularly updated reports on all industry sectors that make up the New Zealand economy. These include official economic data and the challenges and opportunities that face New Zealand’s industry sectors.
Business.govt.nz(external link) provides tools and advice from across government to save small businesses’ time and help make the business a success.
MFAT has created a tariff finder(external link) which is designed to help goods exporters and importers maximise benefits from New Zealand’s Free Trade Agreements and compare tariffs in 136 other markets.
The all of government Trade Barriers(external link) website can be used to register any trade barriers experienced or issues exporting to an offshore market. Queries can be sent via the website or through the MFAT Exporter Helpline 0800 824 605. Enquiries will be sent to the government agency best placed to answer.
Tatauranga Aotearoa Stats NZ provides official data on the value of New Zealand’s exports and imports of both goods and services, by commodity type via the New Zealand Trade Dashboard(external link). This interactive dashboard is updated every quarter and allows for filtering by country and by commodity type.
Sign up for email alerts
If you would like to subscribe to this weekly update, go to our subscription page(external link) or email us at exports@mfat.govt.nz
Learn more about exporting
New Zealand Trade & Enterprise’s comprehensive market guides(external link) cover export regulations, business culture, market-entry strategies and more.
Disclaimer
This information released in this report aligns with the provisions of the Official Information Act 1982. The opinions and analysis expressed in this report are the author’s own and do not necessarily reflect the views or official policy position of the New Zealand Government. The Ministry of Foreign Affairs and Trade and the New Zealand Government take no responsibility for the accuracy of this report.
Copyright
Crown copyright ©. Website copyright statement is licensed under the Creative Commons Attribution 4.0 International licence(external link). In essence, you are free to copy, distribute and adapt the work, as long as you attribute the work to the Crown and abide by the other licence terms.