World Business Report

Brent crude, the international benchmark for crude oil, rose to settle at $103 a barrel, ending the day at the highest level in more than three years. That’s as the Strait of Hormuz remains effectively closed to most shipping, choking off one of the world’s most important energy routes. It leaves the oil market facing what analysts say could be the biggest supply disruption in its history, with no clear end in sight. Meanwhile, across Africa, the surge in oil prices triggered by the US Israel war with Iran is rippling across economies. Many countries on the continent import most of their fuel and that could quickly mean higher transport costs, inflation and pressure on local currencies. Leanna Byrne has the latest. In New York, a bill has been introduced which, if passed, would see New York’s minimum wage rise to the highest in the country. Supporters say it would help workers cope with the soaring cost of living in one of the world’s most expensive cities. But many businesses warn the increase could force them to raise prices or cut jobs.

The US is considering temporarily waiving the Jones Act, a century-old law from 1920 that normally requires all goods shipped between US ports to travel on US-built, owned, and flagged vessels. The waiver would allow foreign ships to move fuel between domestic ports for 30 days to help curb rising costs. Meanwhile, the war with Iran has already cost the US at least $11.3 billion in its first week, with global energy markets feeling the ripple effects and consumers facing higher prices. (Picture: An aerial view of Exxon Mobil’s Beaumont oil refinery, which produces and packages Mobil 1 synthetic motor oil, in Beaumont, Texas, U.S., March 18, 2023. REUTERS/Bing Guan/File Photo)

The US has loosened sanctions on other countries buying Russian oil we'll be talking about if those measures are enough to keep a lid on energy prices. And the smart toys struggling with toddlers emotions, why researchers are raising concerns on those. Presenter: Sarah Rogers Producer: Victoriya Holland Editor: Stephen Ryan

The US is considering temporarily waiving the Jones Act, a century-old law from 1920 that normally requires all goods shipped between US ports to travel on US-built, owned, and flagged vessels. The waiver would allow foreign ships to move fuel between domestic ports for 30 days to help curb rising costs. Meanwhile, the war with Iran has already cost the US at least $11.3 billion in its first week, with global energy markets feeling the ripple effects and consumers facing higher prices.

As the Strait of Hormuz remains shut what is being done to keep seafarers safe?

A $20 billion push is now on to get tankers moving through the Strait of Hormuz. Meanwhile, Middle East tourism suffers as flights are cancelled, and skies remain closed. And how tens of thousands of people are kidnapped for ransom each year. (Picture: An LPG gas tanker at anchor in the Strait of Hormuz, amid the U.S.-Israeli conflict with Iran, in Shinas, Oman, March 11, 2026. Credit: REUTERS/Benoit Tessier)

The International Energy Agency is proposing the release of emergency oil reserves to calm energy markets. Also, World Business Express finds out why diesel prices are rising faster than petrol/gasoline. And Leanna Byrne looks at February's US inflation data.

The International Energy Agency is meeting in Paris to discuss the release of strategic oil reserves in a bid to bolster supplies and calm energy markets as the US-Israel war with Iran ends the 11th day. Sam Fenwick hears from the former head of oil industry and markets at IEA, Neil Atkinson. (Picture: A person pumps gas at a Shell gas station in Alexandria, Virginia, USA, 05 October 2022. Credit: MICHAEL REYNOLDS/EPA-EFE/REX/Shutterstock)

The world's biggest producer of crude oil, the Saudi firm Aramco, has warned of "catastrophic consequences" if the Straits of Hormuz is blocked for an extended period of time. But as war rages in the middle east, and attacks on shipping severely reduce the transportation of oil and gas, Saudi Arabia’s East-West oil pipeline has emerged as a critical piece of infrastructure in the global energy system. The CEO of Maersk speaks about the shipping industry's response to US/Israel war on Iran. And Leanna Byrne hears from India where a shortage of LPG is causing headaches for the food preparation industry.

President Donald Trump’s announcement comes hours after G7 finance ministers said they were ready to use strategic oil reserves if necessary. Also, Anthropic sues the US government for calling it a risk. And we mark 250 years since the publication of Adam Smith’s iconic economics book, The Wealth of Nations. (Picture: Motorists queue at a gas station in Skopje, North Macedonia, 09 March 2026. After the Regulatory Commission announced an increase in petrol and diesel prices at gas stations, people rushed to fill the tanks of their vehicles. Credit: Photo by GEORGI LICOVSKI/EPA/Shutterstock)

Bangladesh starts rationing fuel for private motorists. It's a result of the rapid rise in oil prices as a result of the US/Israel war on Iran. And Nepal has a elected a new government, six months after the previous administration was toppled by Gen Z protests. Leanna Byrne hears from Nepal.

Israel bombards Beirut and Tehran and many people are being displaced. We hear from the restaurant owner keeping the ddors open for her customers despite the explosions. Also, Ed Butler finds out why hundreds of trafficked workers were released from scam centres in Cambodia, only to end up wandering the streets of the capital without a way back home. And we dig into the growing numbers of young Roblox millionaires.

The US treasury secretary, Scott Bessent, says he will grant India a 30-day waiver to buy sanctioned oil from Russia to help ease supply concerns in the global market. It comes as the Qatari energy minister warns that all energy producers in the Gulf region could shut down exports within weeks. Plus - we hear from Nepal where votes are being counted in what’s being dubbed the young versus old election.

What do people in Iran think about the war? We hear from Iranians across the country who tell us how life is changed and how it stayed the same. Also, we look at the life of the foreign workers living in neighbouring countries. We've received the thoughts of two Indian construction workers from Qatar. We asked how they were feeling since the war started? But others are willing to pay over $250 000 just to escape from the United Arab Emirates.

As global oil prices continue to climb, crude oil supplies from Iraq and Kuwait could stop shipping within days if travel through the Strait of Hormuz remains virtually halted. Plus, China cuts its economic growth forecast to the lowest level since 1991.

The US-Israel war with Iran brought the crisis in global shipping. We hear how it's affecting seafarers and speak to the Head of the International Maritime Organisation. Also, all provinces in Iraq have experienced a power blackout, which the government has attributed to a technical fault. We get the latest from Baghdad. And how a bag of money on a runway caused havoc in Bolivia.

Oil and gas traders took a breath on Wednesday after Trump pledged help in the Strait of Hormuz, but experts say there are still signs the price of crude could break through the $100 mark as hundreds of tankers are anchored and unused in the vital waterway. Meanwhile, TikTok has told the BBC is won't bring in end-to-end encryption in its popular social media app

President Trump says the US Navy will escort tankers through the Strait of Hormuz "if necessary", after shipping traffic almost entirely halted through the key sea passage following Iranian threats to "set fire" to ships. We hear the latest on shipping in the region. We also head to Lebanon as hostilities between Israel and the Iran-backed group Hezbollah continue to escalate. What does this mean for the future of the country? And OpenAI says it’s rewriting parts of what it calls an “opportunistic and sloppy” deal with the US government over the use of its AI in classified military operations. (PHOTO: Tankers are seen off the coast of the Fujairah, as Iran vows to close the Strait of Hormuz, amid the U.S.-Israel conflict with Iran, in Fujairah, United Arab Emirates, March 3, 2026. Credit: REUTERS/Amr Alfiky/File Photo).

Natural gas prices spike in Europe after Qatar closes its LNG base. Meanwhile the Strait of Hormuz closure sends crude oil higher and its importance in the shipment of fertiliser ingredients could have major effects on global crop production this year, the boss of Yara says

The conflict has caused the closure of shipping lanes, with up to a fifth of global energy and as much as a third of other commercial shipping impacted. Thousands of flights have also been suspended, with airports as well as refineries the target of Iranian attacks. We get reaction to the latest developments. (Picture: A traveller looks at a departures board displaying a cancelled Qatar Airways flight for Doha, amid the U.S.-Israel war with Iran, at Terminal 8 at John F. Kennedy (JFK) International Airport in New York City, U.S., March 2, 2026. REUTERS/Bing Guan. Credit:).