World Business Report

As the Strait of Hormuz remains shut what is being done to keep seafarers safe?

A $20 billion push is now on to get tankers moving through the Strait of Hormuz. Meanwhile, Middle East tourism suffers as flights are cancelled, and skies remain closed. And how tens of thousands of people are kidnapped for ransom each year.
(Picture: An LPG gas tanker at anchor in the Strait of Hormuz, amid the U.S.-Israeli conflict with Iran, in Shinas, Oman, March 11, 2026. Credit: REUTERS/Benoit Tessier)

The International Energy Agency is proposing the release of emergency oil reserves to calm energy markets. Also, World Business Express finds out why diesel prices are rising faster than petrol/gasoline. And Leanna Byrne looks at February's US inflation data.

The International Energy Agency is meeting in Paris to discuss the release of strategic oil reserves in a bid to bolster supplies and calm energy markets as the US-Israel war with Iran ends the 11th day. Sam Fenwick hears from the former head of oil industry and markets at IEA, Neil Atkinson.
(Picture: A person pumps gas at a Shell gas station in Alexandria, Virginia, USA, 05 October 2022. Credit: MICHAEL REYNOLDS/EPA-EFE/REX/Shutterstock)

The world's biggest producer of crude oil, the Saudi firm Aramco, has warned of "catastrophic consequences" if the Straits of Hormuz is blocked for an extended period of time. But as war rages in the middle east, and attacks on shipping severely reduce the transportation of oil and gas, Saudi Arabia’s East-West oil pipeline has emerged as a critical piece of infrastructure in the global energy system.
The CEO of Maersk speaks about the shipping industry's response to US/Israel war on Iran.
And Leanna Byrne hears from India where a shortage of LPG is causing headaches for the food preparation industry.