Brent crude price rises again on back of renewed Middle East conflict

The recent steady rise in global oil prices is showing no sign of easing, with the price of Brent Crude climbing another 1 percent in early Asian trading on Wednesday.

Brent Crude, which is considered a global benchmark, is at US$85.60 (NZ$147) a barrel, up from around US$77 a barrel a week ago.

West Texas Intermediate is also up close to 1 percent to just under US$80 a barrel.

It comes after renewed fighting between the US and Iran in the Middle East, with the US on today seeking to re-establish a blockade of Iran ports.

Petrol prices at the pump in New Zealand have been falling in recent weeks following last month's announcement of a ceasefire in the Iran conflict.

Petrol monitoring site Gaspy is reporting that the average price of 91 is $2.93 a litre.

Some economists had forecast prices were likely to fall to around $2.80 per litre.

However, Westpac economists now say that something like $3.10 a litre for 91 is looking more likely.

They say the situation is highly uncertain and it may take a week or so for the recent global oil spikes to flow through.

Earlier today, new research showed New Zealanders were worried about the impact the Iran war was having on their finances, even before the war resumed this week.

A survey, carried out for Westpac, found 60 percent of people were worried about the conflict impacting their bottom line.

More than 40 percent of those surveyed reported driving less, while just over 30 percent were changing how they shopped for groceries, and 25 percent were cutting discretionary spending.