World Business Report

Although the fragile ceasefire between Iran and the United States still holds, shipping through the Strait of Hormuz remains heavily disrupted, driving up fuel and fertiliser costs and leaving farmers in many parts of the world facing higher prices just as they head into the planting season.

What does that mean for the price of food in your shopping basket? Sam Fenwick hears from Maximo Torero, chief economist at the UN’s Food and Agriculture Organization.

Also, the ceasefire was meant to reopen the Strait of Hormuz, one of the most important shipping routes in the world. What does it mean for the seafarers trapped in the Persian Gulf?
(Photo: A farm worker sprays fertilizer on a paddy field, in Malaysia on 01 Apr 2026. Conflict in the Middle East has driven up energy prices, raising the cost of transport, fertilizers, and food production. Credit: Photo by Fazry Ismail/EPA/Shutterstock).

For the first time in seven years, India has bought its first cargo of Iranian oil. India hasn't purchased any Iranian oil since 2019 because of US sanctions, but those restrictions were waived last month. Leanna hears from the BBC's Archana Shukla.
Plus, its a big day for K-pop fans right across the globe as BTS, one of the world's biggest boy bands, have officially kicked off their new tour. Leanna Byrne hears from journalist Nemo Kim based in Seoul.

Reopening the Strait of Hormuz, an important global waterway, is part of the ceasefire agreement, as announced by the US government, but late on Wednesday, Iran warned that ships crossing the waterway without permission would be “targeted and destroyed”.

Sam Fenwick will hear from Nils Haupt, the Head of Corporate Communications at Hapag-Lloyd, a German-based global shipping company.

Also, markets rallied, and oil prices fell, but only hours later there were concerns about how long it might last and if there was enough time to stabilise the global economy.

(Photo: Cargo ships in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s, March 11, 2026. Credit: Reuters/Stringer/File Photo/File Photo)

The US and Iran have come to a temporary ceasefire, but for many businesses and consumers, the pressure may be far from over.
Hundreds of ships are still backed up in the Strait of Hormuz, with many waiting for clearance from Iran before they can move.
Plus, what it means for flights, holidays and passenger confidence as airlines proceed cautiously.
Presenter: Leanna Byrne
Producer: Matt Lines
Editor: Justin Bones

A countdown is underway as President Trump says 'a whole civilisation will die tonight' in Iran without a deal to fully re-open the Strait of Hormuz. Plus, we return to Cambodia's scam centres with a rare visit inside. And is Universal Music which is home to Taylor Swift, about to be sold?
(Picture: Iran's Permanent Representative to the United Nations Amir-Saeid Iravani speaking during a United Nations Security Council meeting in New York, USA, 07 April 2026. Credit:SARAH YENESEL/EPA/Shutterstock)