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US-Israel-Iran War Latest Live News: The economic fallout from the ongoing US-Israel-Iran conflict remained in focus on Tuesday, September 29, with New Zealand Foreign Minister Winston Peters pointing to inflation, tariff changes and restricted oil supplies through the Strait of Hormuz as major pressures on the global economy.
At the same time, oil prices climbed for a second consecutive session, with Brent crude rising above $106 a barrel as concerns over Middle East supply disruptions continued to outweigh signs of recovering regional crude exports. Reuters reported that Brent crude rose $1.49, or 1.4%, to $106.77 a barrel, while US West Texas Intermediate (WTI) gained $1.34, or 1.5%, to $93.94.
US-Israel-Iran War Latest Live News: New Zealand FM Winston Peters On Iran War Impact
New Zealand Foreign Minister Winston Peters said the country’s latest Pre-election Economic and Fiscal Update (PREFU) showed that its economy had been turned around despite significant international pressures.
In a post on X, Peters identified several factors contributing to economic uncertainty, including higher inflation linked to tariff changes, the war involving Iran and restrictions on oil supplies through the Strait of Hormuz.
Peters also described the current international environment as the most insecure period in around 80 years and said that “real experience” would be important in navigating the challenges ahead.
He argued that New Zealand should aim to double the size of its economy by 2050, saying stronger economic growth would be necessary to give substance to political commitments.
US-Israel-Iran War Latest Live News: China-Iran Rail Freight Increases Amid Maritime Disruptions
Iran is also looking at alternative trade routes as maritime transportation faces disruption.
Iranian lawmaker Meisam Zohourian said rail freight from China to Iran had increased tenfold since the US naval blockade began, according to the information provided.
Zohourian said three rail routes had been activated and capacity at Iran’s northern ports had been expanded. He added that land and rail corridors could potentially carry around 400,000 barrels of oil per day.
However, he acknowledged that alternative land routes could not fully replace maritime trade. The routes could instead provide additional options during emergencies and improve trade security under normal circumstances.
Separately, Interfax reported earlier in September that a 55-container block train had been launched from China to Iran via Kazakhstan, Uzbekistan and Turkmenistan, with the route extending more than 6,000 kilometres.
US-Israel-Iran War Latest Live News: Oil Flows Through Strait Of Hormuz Recover
Despite continuing conflict-related risks, oil shipments through the Strait of Hormuz and alternative routes have shown signs of recovery.
The Wall Street Journal reported that oil flows had recovered to nearly 80% of pre-war regional levels, citing ship-tracking data. It said crude exports from major producers including Saudi Arabia, Iraq and the UAE had reached almost 13 million barrels per day this month.
Reuters separately reported that crude exports from major Middle Eastern producers rose to 12.8 million barrels per day in September, the highest level since February. The recovery has helped restore some regional supply, although concerns over the security of the Hormuz route continue to influence prices.
US-Israel-Iran War Latest Live News: Marco Rubio Warns Of Iran Nuclear Weapon Risk
US Secretary of State Marco Rubio has also highlighted Washington’s concerns about Iran’s nuclear programme.
In comments to Fox News, Rubio said that if Iran obtained a nuclear weapon, it could use it to exert pressure over global energy supplies. He argued that Tehran could potentially seek to control access through the Strait of Hormuz.
Rubio also said Iran had openly threatened US interests around the world and warned that Washington would respond to any attacks or attempted attacks against US interests.
US-Israel-Iran War Latest Live News: Brent Crude Oil Price Today
Oil prices remained elevated as markets continued to assess the impact of the US-Iran conflict on global energy supplies.
As of the latest Reuters report, Brent crude futures were at $106.77 a barrel, up $1.49 or 1.4%, while WTI crude was at $93.94 a barrel, up $1.34 or 1.5%. Reuters said concerns about Middle East supply disruptions remained a key factor supporting prices, even as regional crude exports recovered.
The higher oil prices are also important for economies such as New Zealand and India because prolonged increases in energy costs can add to broader inflationary pressures.
US-Israel-Iran War Latest Live News: Trump Denies Iran Sanctions Relief Report
Meanwhile, US President Donald Trump has rejected a report that he offered Iran sanctions relief and the release of frozen Iranian funds in exchange for nuclear concessions.
Trump said on Truth Social that the report was untrue and that he had offered Iran nothing. Reuters reported that his comments directly disputed an Axios report describing a possible arrangement involving sanctions relief and frozen funds in return for concrete nuclear concessions from Tehran. The conflicting accounts come as diplomatic contacts surrounding the US-Iran conflict remain under scrutiny.
US-Israel-Iran War Latest Update
The latest developments underline how the conflict is affecting areas beyond the immediate battlefield, including oil markets, shipping routes, inflation and international trade.
While regional crude exports have recovered from earlier disruptions, the Strait of Hormuz remains a major focus for energy markets. Oil prices continue to respond to developments surrounding the conflict, while countries are also examining alternative trade and transport routes.