Oil shock spreads global strain
Oil prices climb above 109 dollars after airstrikes hit a key Iranian gas facility
World Business Report · BBC World Service
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Show Notes
Oil prices have jumped above 109 dollars a barrel after airstrikes hit Iran’s South Pars gas field, the world’s largest natural gas reserve, shared with Qatar, raising fresh concerns about supply during an already volatile period.
In Bangladesh, the impact of the oil price is becoming increasingly visible. The country, which relies on imports for around 95 percent of its energy, is seeing long queues at fuel stations as fears of shortages grow. The government has even shut down universities in an effort to conserve electricity, affecting students across the country.
Meanwhile, Nigeria’s president Bola Ahmed Tinubu has begun a two-day state visit to the UK, with trade and investment high on the agenda. With bilateral trade already worth up to 10 billion dollars annually, could the visit could unlock new opportunities and reshape the economic relationship.