New Zealand shares dropped 183 points, or 1.4%, to 13,336 in Monday morning trade, marking sharp losses for a second session as U.S. futures slumped and crude surged past USD 100 a barrel for the first time since 2022 amid mounting concerns over the Iran conflict. On Sunday, Israel struck four oil storage sites in Tehran, while Iranian state TV said Mojtaba Khamenei, son of Ayatollah Ali Khamenei, killed in a strike last weekend, has been named Iran’s new supreme leader. Caution also grew ahead of China’s February inflation data later today and January–February trade figures in coming days. Locally, investors awaited Q4 manufacturing sales, February PMIs, and January visitor arrivals. Losses were capped by new data showing China’s foreign reserves hit a decade-high in February, while the central bank extended its gold-buying streak to a 16th month. Notable laggards included Napier Port Hlds. (-2.7%), Auckland Intl. Airport (-2.2%), Briscoe Group (-2.1%), and Tourism Holdings (-2.0%).