With wrought iron furniture, especially outdoor furniture, rust is typically a big problem. Remove as much surface rust as possible using a wire brush or sandpaper, then spray with a rust resisting paint to prevent any further damage. Usually painting the whole surface is the only option to keep the item uniformly painted.
The most common tools needed for furniture repair are a flat screwdriver, a Phillips screwdriver (+ shaped) and a rubber hammer. A rubber hammer will not damage the surface of the wood but is it still important to provide additional padding and only use as much force as necessary.