World Business Report

As oil price surges, will US fracking production increase?

The US Israel war with Iran has caused significant disruption to the global supply of oil and caused major economic upheaval. The US government has granted permission to domestic oil producers to drill in Alaska and the Gulf of Mexico, but much of America's oil comes from fracking. So will the frackers be taking advantage of current high oil prices to increase production? Vishala Sri-Pathma has the latest. In Sri Lanka, the government has announced an emergency shift to a four day work week to conserve dwindling fuel reserves, amid growing fears over petrol shortages. The Sri Lankan government has now declared that every Wednesday will now be a public holiday to cut fuel consumption on the island. Elsewhere, there were real worries in Dublin that Donald Trump’s tax agenda could see US multinationals paying far less corporation tax in Ireland on their European profits. However, those fears haven’t materialised. US tariffs have generally not been applied to pharmaceutical products which are Ireland's main export to the US. Meanwhile, the Irish economy has also been underpinned by a continuing corporation tax windfall.

Oil prices continue surge

The escalation in the Middle East is continuing to drive up energy prices, with the Strait of Hormuz, a critical chokepoint for global oil shipments, effectively closed. We bring you the latest on oil prices and how wider stock markets are responding. Despite higher prices, US oil production is not accelerating as some might expect. The number of active rigs remains below last year’s levels, and investment in new drilling is expected to stay modest into 2026. At the same time, political tensions are adding another layer of uncertainty. US President Donald Trump says he is considering delaying a planned summit with China’s President Xi Jinping, citing both the ongoing conflict with Iran and efforts to reopen key shipping routes. So how is this being viewed from Beijing? And as energy costs climb, businesses around the world are already feeling the pressure. In Kolkata, makers of one of India’s most famous dishes, biryani, say gas shortages and rising costs are hitting their livelihoods, as we hear from restaurant owners struggling to keep up with demand.

Global financial fraud hits $442bn

A report out from Interpol states that an estimated $442bn dollars were lost worldwide last year to financial fraud. In its annual report, Interpol said AI-enhanced fraud was now almost five times more profitable than traditional methods, with AI systems able to autonomously plan and execute complete fraud campaigns. Vishala Sri-Pathma finds out more. China sets its lowest growth target in decades. The focus appears to be shifting from rapid expansion to stability in an increasingly uncertain global economy. What does this mean for China today? In Kolkata, the upswing in the oil price is trickling into everyday life, we hear how gas shortages are affecting biryani sellers across the city.

Oil tensions and global trade risks

Global energy markets remain jittery after a drone strike at the UAE’s Port of Fujairah forced a temporary halt in oil loading, raising concerns about the vulnerability of key Gulf export routes even as the Strait of Hormuz stays mostly closed. Meanwhile, the White House is seeking to assemble an international naval coalition to escort ships through the strait. In Japan, the nation’s once-ubiquitous vending machines are in decline, with numbers down 23% since their 1985 peak of 2.2 million.

Turmoil in the Strait of Hormuz sees oil price surge again

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.