World Business Report

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.Also, we look at the life of foreign workers living in neighbouring countries, hearing from two Indian construction workers from Qatar. We ask how they are 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:).

Airlines have grounded flights, one of the world’s busiest airports has shut, and oil prices are climbing after strikes in the Middle East. We hear from investors and analysts as they react in real-time to the US-Israel war with Iran. And we find out how the disruption is affecting air passengers and the wider travel industry.Plus - we learn how the insurance market is responding to fast-moving events as it assesses coverage and war risk premiums.

A plot twist in Hollywood has taken place in the last 24 hours, but in the spreadsheets rather than on the screens, as Netflix decides it's not willing to counter Paramount–Skydance's US$111bn bid for Warner Bros Discovery. We discuss what this means for the studio house that brought Bugs Bunny, the Looney Tunes, Harry Potter and the DC Universe to audiences worldwide. Vishala Sri-Pathma hears how US President Donald Trump has directed every federal agency to immediately stop using technology from Anthropic, as the row between the White House and the AI developer continues. Meanwhile, with the United States oil blockage of Cuba continuing for nearly a month, Will Grant reports on the economic and humanitarian crisis engulfing the Caribbean country. And as Pokémon celebrates turning 30 with its first ever theme park in Japan - we find out how a kids’ craze become a cultural heavyweight. Global business news, with live guests and contributions from Asia, Latin America and the USA. (Picture: The Warner Bros. Studios water tower in Burbank, California, on 11 September 2025. Credit: Allison Dinner / EPA / Shutterstock.)

Paramount-Skydance is the only show in town for ownership of Warner Brothers, with a deal valuing the movie maker and media empire at $111bn. But even if it seals the deal with shareholders and boards it still needs to get past regulators on both sides of the Atlantic. We head to the Balkans, where a multi-billion-dollar rail link between Belgrade and Budapest opens for freight today. We also hear about the secret to Pokemon's success, as the video game characters turn 30.

With a landmark court case in California hearing from a woman who says tech giants Meta and YouTube’s owner Google harmed her mental health as a child, we catch up with our correspondent in Los Angeles, Peter Bowes, on the legal proceedings and discuss how damaging and addictive social media websites can be during a person's formative years. Elsewhere, as Netflix squabbles with Paramount for control of Warner Brothers Discovery and its worldwide franchises including Harry Potter and Superman, we hear from former Paramount executive Guy Petty on why Netflix's CEO Ted Sarandos is heading to the White House. Rahul Tandon speaks to Moritz Riesinger of the IG Metall union in Germany as it comes to a temporary agreement with Elon Musk over its Tesla factory near Berlin. And economist Cary Leahey of Columbia University explains why the latest unemployment figures in the United States has risen once again.Global business news, with live guests and contributions from Europe, Latin America and the USA. (Picture: Supporters of plaintiff Kaley G.M. hold signs as they stand outside the courthouse in Los Angeles, California, on the day she takes the stand at a trial in a key test case accusing Meta and Google's YouTube of harming children's mental health through addictive social media platforms. Credit: Reuters / Mike Blake.)

The president and chief executive of the World Economic Forum, Borge Brende is stepping down after an investigation into his links with Jeffrey Epstein. The Forum says it found no additional concerns. The price of lithium, a key ingredient in EV batteries, has surged after one of the world’s top producers, Zimbabwe, suddenly banned exports.We also hear from Volvo UK over the recall of electric cars over a fire risk with some of its batteries.

The United States says it will ease restrictions on Venezuelan oil exports to Cuba's private sector as Washington's blockade leads to a worsening crisis on the Caribbean island.Former US treasury secretary and onetime Harvard president Larry Summers retires from his roles at the university. Elsewhere in Milan, Gucci is facing a backlash after using AI to make images to promote its forthcoming show at Milan Fashion Week. Critics have questioned how using AI instead of human models and photographers is in keeping with the fashion giant's values.(FILE PHOTO: Cuban-flagged tanker Alicia anchors near a terminal in Matanzas, Cuba, January 7, 2026. Credit: REUTERS/Norlys Perez)