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The NZX has fallen 3.1 percent as the US and Israeli war on Iran dents people's investment portfolios.
Closure of the crucial Strait of Hormuz has ignited supply concerns over crude oil - now costing more than $100 US dollars a barrel.
Shares in Auckland Airport and Fisher and Paykel Healthcare have tumbled.
Generate investment specialist Greg Smith says the market's accounting for what might happen, and it could turn.
He explained it's also affected by Iran appointing a new leader and Donald Trump refusing to back down - which has pushed out the time frame for resolving everything.
LISTEN ABOVE
- Analysts say 10 vessels attacked in Strait of Hormuz so far in Iran war
- Ramadan War: Tehran caught between ruined blocks and fragile normality
- Helen Clark speaks on Govt’s ongoing response to Iran war
- 'Gonna fall pretty soon': Trump says Cuba next after Iran
- Israel launches 'broad-scale' strikes on Tehran; Iran showers Israel with cluster bombs
- 'No one can afford them': Kiwi couple spend $60k fleeing Dubai amid Middle East conflict
- Middle East crisis: Number of Kiwis registered in region rises to 3400
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