'Largest ever' oil reserve release agreed by 32 countries

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

The US is considering temporarily waiving the Jones Act, a century-old law from 1920 that normally requires all goods shipped between US ports to travel on US-built, owned, and flagged vessels. The waiver would allow foreign ships to move fuel between domestic ports for 30 days to help curb rising costs. Meanwhile, the war with Iran has already cost the US at least $11.3 billion in its first week, with global energy markets feeling the ripple effects and consumers facing higher prices.(Picture: An aerial view of Exxon Mobil’s Beaumont oil refinery, which produces and packages Mobil 1 synthetic motor oil, in Beaumont, Texas, U.S., March 18, 2023. REUTERS/Bing Guan/File Photo)

The US is considering temporarily waiving the Jones Act, a century-old law from 1920 that normally requires all goods shipped between US ports to travel on US-built, owned, and flagged vessels. The waiver would allow foreign ships to move fuel between domestic ports for 30 days to help curb rising costs. Meanwhile, the war with Iran has already cost the US at least $11.3 billion in its first week, with global energy markets feeling the ripple effects and consumers facing higher prices.

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.

President Donald Trump’s announcement comes hours after G7 finance ministers said they were ready to use strategic oil reserves if necessary. Also, Anthropic sues the US government for calling it a risk. And we mark 250 years since the publication of Adam Smith’s iconic economics book, The Wealth of Nations.(Picture: Motorists queue at a gas station in Skopje, North Macedonia, 09 March 2026. After the Regulatory Commission announced an increase in petrol and diesel prices at gas stations, people rushed to fill the tanks of their vehicles. Credit: Photo by GEORGI LICOVSKI/EPA/Shutterstock)

Bangladesh starts rationing fuel for private motorists. It's a result of the rapid rise in oil prices as a result of the US/Israel war on Iran. And Nepal has a elected a new government, six months after the previous administration was toppled by Gen Z protests. Leanna Byrne hears from Nepal.