World Business Report

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)

You could be paying more for fuel for longer as oil price rises again

Oil prices have jumped despite the UAE exit from the OPEC groups of oil producing countries - we'll be looking at why. And more pressure is pilling on social media as a report finds Meta is in breach of EU law for failing to stop under 13 from using Facebook and Instagram. Presenter: Sarah Rogers Producer: Victoriya Holland Editor: Justin Bones

How will leaving OPEC impact the UAE's oil production?

The United Arab Emirates is leaving OPEC and OPEC+ after nearly 60 years of membership, we find out what triggered them to leave. In the US, we hear what is being said in the major court battle between Elon Musk and ChatGPT founder Sam Altman. And we ask if lab-grown diamonds are better for the environment. [Picture: An oil drum with featuring the logo of the Organization of the Petroleum Exporting Countries (OPEC). Photo credit: Andrey Rudakov/Bloomberg via Getty Images.]