{"id":64734,"date":"2026-07-13T18:38:16","date_gmt":"2026-07-13T22:38:16","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/middle-east-tensions-escalate-following-missile-attacks-on-uae-tankers-nz-business-confidence-surges\/64734\/"},"modified":"2026-07-13T18:38:16","modified_gmt":"2026-07-13T22:38:16","slug":"middle-east-tensions-escalate-following-missile-attacks-on-uae-tankers-nz-business-confidence-surges","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/middle-east-tensions-escalate-following-missile-attacks-on-uae-tankers-nz-business-confidence-surges\/64734\/","title":{"rendered":"Middle East Tensions Escalate Following Missile Attacks on UAE Tankers; NZ Business Confidence Surges"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Two UAE oil tankers were struck by Iranian cruise missiles<\/strong> in the Strait of Hormuz, resulting in <strong>one fatality<\/strong> and eight injuries among the crew.<\/li>\n<li><strong>New Zealand\u2019s NZIER Business Confidence<\/strong> for Q2 2026 surged to <strong>8.0%<\/strong>, vastly outperforming the estimated <strong>-8.0%<\/strong> as firms reacted to a temporary easing of Middle East tensions.<\/li>\n<li><strong>RBNZ Chief Economist Paul Conway<\/strong> warned that the central bank will respond with further monetary tightening if Middle East-driven inflation pressures prove persistent.<\/li>\n<li><strong>President Donald Trump<\/strong> signed proclamations to drastically reduce the boundaries of the <strong>Bears Ears<\/strong> and <strong>Grand Staircase-Escalante<\/strong> national monuments in Utah.<\/li>\n<\/ul>\n<h2>Geopolitical Turmoil in the Strait of Hormuz<\/h2>\n<p>The UAE Ministry of Defence confirmed on Monday that two national tankers were targeted by <strong>Iranian cruise missiles<\/strong> in the southern lane of the <strong>Strait of Hormuz<\/strong>. The attack, which occurred within Omani territorial waters, resulted in the death of one <strong>Indian crew member<\/strong> and left eight others wounded, four of them seriously.<\/p>\n<p>While fires on both vessels have been brought under control, the UAE has condemned the strike as a &quot;serious breach of international law&quot; and asserted its right to respond. This escalation follows a period of heightened volatility in the region, where the <strong>Strait of Hormuz<\/strong>\u2014a critical chokepoint for 25% of global seaborne oil\u2014has been largely blocked by Iranian forces since early 2026.<\/p>\n<h2>New Zealand Economic Outlook and RBNZ Response<\/h2>\n<p>In a surprising economic turn, the <strong>New Zealand Institute of Economic Research (NZIER)<\/strong> reported that business confidence jumped to <strong>8.0%<\/strong> in the second quarter, a sharp reversal from the <strong>-4.0%<\/strong> recorded in the prior period. Analysts had expected a further decline to <strong>-8.0%<\/strong>. The lift in sentiment was largely attributed to a brief window of perceived stability following a mid-year memorandum of understanding between the U.S. and Iran, though recent hostilities may quickly erode these gains.<\/p>\n<p><strong>Reserve Bank of New Zealand (RBNZ)<\/strong> Chief Economist <strong>Paul Conway<\/strong> addressed the volatility, stating that while the bank can &quot;look through&quot; first-round price effects from oil shocks, it remains vigilant against second-round inflation. Conway emphasized that some further reduction in monetary stimulus is likely required, noting that <strong>oil price shocks<\/strong> continue to reverberate through the economy despite recent easing.<\/p>\n<h2>U.S. Domestic Policy: Utah Monument Reductions<\/h2>\n<p>On the domestic front, <strong>President Donald Trump<\/strong> signed two proclamations modifying the boundaries of the <strong>Bears Ears<\/strong> and <strong>Grand Staircase-Escalante<\/strong> national monuments in Utah. The move significantly reduces the protected acreage, with <strong>Grand Staircase-Escalante<\/strong> shrinking from 1.87 million acres to approximately <strong>181,500 acres<\/strong>, and <strong>Bears Ears<\/strong> being reduced to roughly <strong>121,100 acres<\/strong>.<\/p>\n<p>The administration characterized the move as a correction of &quot;government overreach&quot; under the Antiquities Act, aiming to restore &quot;multiple-use&quot; management, including grazing and potential resource extraction. Conservation groups and tribal coalitions have already signaled intentions to challenge the legality of these reductions in federal court, arguing that a president lacks the authority to unilaterally abolish or significantly shrink existing monuments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Two UAE oil tankers were struck by Iranian cruise missiles in the Strait of Hormuz, resulting in one 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