The New Zealand share market opened higher on Tuesday morning.
Photo: RNZ / Angus Dreaver
Oil prices have fallen and share markets have risen after President Trump said the Iran war was “very complete”.
The benchmark Brent Crude oil fell 6 percent to around US$87 a barrel, after rising above $115 on Monday (NZ time).
The New Zealand share market opened higher on Tuesday with the NZX 50 up 0.9 percent, or 120 points, in early trade after Monday’s sharp fall of more than 3 percent.
Shares in Wall Street also reversed their losses late in the trading session to end higher.
The broad S&P 500 index rose 0.8 percent, while the Dow Jones Average rose 0.5 percent, and the Nasdaq index ended 1.4 percent higher.
In a CBS News interview, President Trump said he thought the war against Iran “is very complete” and that Washington was “very far ahead” of his initial four-to-five week estimated timeframe.
“I think the war is very complete, pretty much. They have no navy, no communications, they’ve got no Air Force,” Trump told CBS News.
When asked about the Strait of Hormuz, Trump said that ships were moving through but he was “thinking about taking it over.”
Asian markets suffered heavy losses on Monday on fears the war could significantly affect the world economy due to higher oil prices.
The NZX50 fell 3.1 percent, in Australia, the ASX 200 fell 2.9 percent, and Japan’s Nikkei fell 5.2 percent.
RNZ / Reuters
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