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flag New Zealand forms oversight group as Iran conflict drives oil prices to $110, risking inflation and growth.

flag New Zealand has formed a ministerial oversight group to monitor the economic impact of the Iran conflict, as global oil prices surged to $110 per barrel, raising fuel costs and inflation risks. flag Prime Minister Christopher Luxon reaffirmed his leadership, while Finance Minister Nicola Willis confirmed 28 days of fuel reserves and launched Commerce Commission monitoring of petrol pricing to prevent misleading practices. flag Treasury projects a 0.5 to 1 percentage point inflation rise and 0.2 to 0.4 point GDP reduction if the conflict persists, though preliminary forecasts show 1.7% growth in 2025 and 3% for 2026–27. flag Despite market declines and warnings from economists about worsening conditions, officials maintain economic resilience and fuel security.

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