Oil hits new highs - how bad will it get?

Trump announces 25% tariffs on cars from the EU

The US President Donald Trump has announced a new hike on cars and trucks imported from the European Union, accusing the EU of not adhering to their trade deal. In the meantime, Beijing has announced that fifty-three African states will be enjoying trade-free trade with China - all except one, the small land-locked state Eswatini, as it recognises Taiwan. And in France there is confusion over a new law allowing bakeries to stay open on the 1st of May. Picture: "U.S. President Donald Trump attends an event at The Villages Charter School at The Villages". Credit: Reuters

Global fertiliser shortage threatens 2026 crop yields

A third of the world's fertiliser is sourced from the Persian Gulf region. Farmers' are now predicted to produce smaller crops this year, affecting 10 billion meals a week. French car maker Renault says there's been a huge increase in interest in electric vehicles since the start of the war in the Middle East. And "slàinte mhath" or "cheers" in English! The USA is to cut import duties on scotch whisky, following the recent visit of King Charles II.

Oil hits new highs - how bad will it get?

We hear how oil prices have been swinging sharply, with Brent crude briefly hitting 126 dollars a barrel as tensions in the Gulf raise concerns about supply and the wider global economy. Saudi Arabia is to stop funding the LIV Golf tour after spending billions to lure top players away from the PGA Tour. And in India, a surge in digital scams has cost victims around two and a half billion dollars, prompting the central bank to step in. (Image Credit: FILIP SINGER/EPA/Shutterstock (16852987h) A display shows fuel prices in euro at a petrol station in Berlin, Germany, 30 April 2026.)

Oil prices on a rollercoaster ride

The price of Brent crude hit a four year high on Thursday before falling back. Markets were reacting to comments from President Trump about maintaining Strait of Hormuz blockade. Gulf oil producers are running out of storage space for oil production, as exports remain restricted. And Saudi Arabia is pulling its funding of the LIV golf tour, after investing around six billion dollars since 2021.

Powell says he will stay on as Federal Reserve Governor

Jerome Powell says he will continue to stay on as Federal Reserve Governor, even after his chairmanship ends. We look at what this means for the future of the US central banking system. Three ships have been hijacked off the coast of Somalia in the past week. We look into concerns of maritime piracy in the area, as experts warn reduced naval patrols could be creating an opening for armed groups. And we go to India where we hear how the glass industry has been suffering due to the war between the US, Israel, and Iran. (Image credit: Jerome Powell, during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, April 29, 2026. Photographer: Daniel Heuer / Bloomberg via Getty Images)