World Business Report

The US-Israel war with Iran brought the crisis in global shipping. We hear how it's affecting seafarers and speak to the Head of the International Maritime Organisation.
Also, all provinces in Iraq have experienced a power blackout, which the government has attributed to a technical fault. We get the latest from Baghdad.
And how a bag of money on a runway caused havoc in Bolivia.

Oil and gas traders took a breath on Wednesday after Trump pledged help in the Strait of Hormuz, but experts say there are still signs the price of crude could break through the $100 mark as hundreds of tankers are anchored and unused in the vital waterway. Meanwhile, TikTok has told the BBC is won't bring in end-to-end encryption in its popular social media app

President Trump says the US Navy will escort tankers through the Strait of Hormuz "if necessary", after shipping traffic almost entirely halted through the key sea passage following Iranian threats to "set fire" to ships. We hear the latest on shipping in the region.
We also head to Lebanon as hostilities between Israel and the Iran-backed group Hezbollah continue to escalate. What does this mean for the future of the country?
And OpenAI says it’s rewriting parts of what it calls an “opportunistic and sloppy” deal with the US government over the use of its AI in classified military operations.
(PHOTO: Tankers are seen off the coast of the Fujairah, as Iran vows to close the Strait of Hormuz, amid the U.S.-Israel conflict with Iran, in Fujairah, United Arab Emirates, March 3, 2026. Credit: REUTERS/Amr Alfiky/File Photo).

Natural gas prices spike in Europe after Qatar closes its LNG base. Meanwhile the Strait of Hormuz closure sends crude oil higher and its importance in the shipment of fertiliser ingredients could have major effects on global crop production this year, the boss of Yara says

The conflict has caused the closure of shipping lanes, with up to a fifth of global energy and as much as a third of other commercial shipping impacted.
Thousands of flights have also been suspended, with airports as well as refineries the target of Iranian attacks.
We get reaction to the latest developments.
(Picture: A traveller looks at a departures board displaying a cancelled Qatar Airways flight for Doha, amid the U.S.-Israel war with Iran, at Terminal 8 at John F. Kennedy (JFK) International Airport in New York City, U.S., March 2, 2026. REUTERS/Bing Guan. Credit:).