World Business Report

IMO warning for ships in the Strait of Hormuz

Iran has announced that the Strait of Hormuz is open, but the Secretary General of the International Maritime Organisation tells us he wouldn't advise ships to use it, yet. Andrew Peach looks at how the impact of the ongoing conflict in the Middle East is continuing to affect oil and petrol prices. Elsewhere the International Monetary Fund and the World Bank have resumed dealings with Venezuela, nearly two decades after its former president Hugo Chávez cut ties. And we look at what's happening in the gaming industry where its stars are at the BAFTA Games Awards in London. Global business news, with live guests and contributions from Asia, Latin America and the USA. (Picture: A vessel at the Strait of Hormuz, off the coast of Oman’s Musandam province on the 12th of April, 2026. Credit: Reuters)

Oil price plunges after Iran says Strait of Hormuz is open again

Iran's Foreign Minister says ships can again use the crucial Persian Gulf sea route while a ceasefire continues to hold. Markets have reacted sharply to the news. The price of Brent Crude fell 10 percent on the news. Shares in oil companies have fallen, while shares in airlines and other heavy energy users have risen sharply. And we hear from Lebanon about how the country's economy is faring.

Jet fuel warning in Europe

The head of the International Energy Agency Fatih Birol says the blockade in the Strait of Hormuz could trigger what he calls the largest energy crisis the world has ever faced. He's warned Europe may have as little as six weeks of jet fuel left. It comes as airlines across the world struggle with fuel supplies and cost. Airlines in Nigeria are warning they may suspend flights from Monday over soaring jet fuel prices and South Korean Airlines say they will impose the highest level of surcharges they can on flights in May as global oil prices surge due to the tensions in the Middle East. Netflix's second quarter profits fall short of expectations and it announced that its chairman and co-founder Reed Hastings is stepping down from the board after 29 years. Netflix stepped back from a battle to control Warner Bros Discovery earlier this year. Sweden, one of the most technologically advanced countries in the world, will be going back to basics with the use of physical books, pens, and paper for their students, but some tech companies are concerned that the move could damage pupils' job prospects. And we explore why Allbirds whose trainers were worn by Hollywood stars and President Obama are getting out of footwear and into artificial intelligence.

Could Europe have ‘maybe 6 weeks of jet fuel left’?

That’s a warning from the International Energy Agency boss, Fatih Birol as the Middle East conflict continues to disrupt energy supplies. So what could that mean for airlines and travel? Plus, how did China’s economy grow by 5%, faster than expected despite the Iran war? And Australia’s fuel supplies face added pressure after a major fire at one of the country’s two oil refineries.

Trump threatens to fire Fed chairman

President Trump has threatened to fire US Federal Reserve chair Jerome Powell if he does not step aside next month, raising concerns over central bank independence and market uncertainty. Pakistan remains involved in diplomatic efforts over the US, Israel and Iran conflict, as questions grow over whether this could bring any economic benefit amid domestic pressure. And travellers across several European airports are facing long delays due to the EU’s new entry and exit system, with some missing flights after hours in queues. (Photo: U.S. President Donald Trump and Federal Reserve Chair Jerome Powell speak during a tour of the Federal Reserve Board building, in Washington DC, July 24, 2025. Credit: REUTERS/Kent Nishimura)