World Business Report

"Work from home and limit flights", urges IEA, as fuel crisis deepens

The International Energy Agency wants people to cut their energy consumption. The IEA warned that the impact from the closure of the Strait of Hormuz would “become more and more severe”. And the South Korean boyband BTS are back after an interruption for its members to do national service. They've also released a new album and announced a world tour.

Shockwaves hit energy market as gas price soars

Global energy security is facing one of its most serious tests in years. Two of the world’s most important gas production sites, Qatar’s Ras Laffan LNG hub and Iran’s South Pars facility, have been hit in coordinated missile strikes. Ras Laffan alone supplies around a fifth of the world’s liquefied natural gas, and the damage is reported to be extensive. What does this mean for the global gas supply? Vishala Sri-Pathma has the latest. The war in Iran could result in a 0.5% decline in global goods trade this year, according to a World Trade Organisation annual forecast. Last year international trade in goods and services trade was worth $34.65 trillion which is about a third of the global economy. In Nigeria, the vast gas reserves are becoming even more strategically important in a volatile global energy climate. So what does this mean for Akwa Ibom, one of Nigeria’s key oil‑producing states?

Gas prices soar after strikes on energy facilities in Qatar and Iran

Gas prices rise sharply following an attack on Qatar's Ras Laffan energy complex. QatarEnergy has confirmed "extensive damage" to the plant used to convert natural gas into LPG. The effective closure of the Strait of Hormuz has hit some Asian countries particularly hard because of their dependence on energy supplies from the Middle East. We hear from people in the Philippines and Morocco about how they're coping with rising fuel prices.

How important is the South Pars field to global gas supply?

With coordinated strikes on Iran's installations on the world's largest gas field and reprisals against facilities in Qatar, we ask what this means for the region and for supplies of gas worldwide. Conflict in the Middle East has already had an effect on airlines, with some carriers cancelling flights. We take a look at how an airlines pay for their fuel and why this can make a difference to how resilient they are to oil price shocks. And entertainment and theme part giant Disney has a new CEO. We find out what's in Josh D'Amaro's in-tray as he takes the helm at a time of intense competition.

Oil shock spreads global strain

Oil prices have jumped above 109 dollars a barrel after airstrikes hit Iran’s South Pars gas field, the world’s largest natural gas reserve, shared with Qatar, raising fresh concerns about supply during an already volatile period. In Bangladesh, the impact of the oil price is becoming increasingly visible. The country, which relies on imports for around 95 percent of its energy, is seeing long queues at fuel stations as fears of shortages grow. The government has even shut down universities in an effort to conserve electricity, affecting students across the country. Meanwhile, Nigeria’s president Bola Ahmed Tinubu has begun a two-day state visit to the UK, with trade and investment high on the agenda. With bilateral trade already worth up to 10 billion dollars annually, could the visit could unlock new opportunities and reshape the economic relationship.