World Business Report

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.

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.

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.

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.

The US has loosened sanctions on other countries buying Russian oil we'll be talking about if those measures are enough to keep a lid on energy prices. And the smart toys struggling with toddlers emotions, why researchers are raising concerns on those.
Presenter: Sarah Rogers
Producer: Victoriya Holland
Editor: Stephen Ryan