Oil prices have steadied for the first time since the US and Israel launched strikes on Iran. But concerns about energy security and prices are weighing on consumers. In France, long queues have formed at petrol stations, despite the energy minister's assertion that the public shouldn't worry about shortages. Also in the show: shipping giants Maersk, Cosco and Hapag-Lloyd suspend all operations in the Gulf, and the Trump administration plans to raise global tariffs to 15 percent "sometime this week".

South Korea's main stock index, the KOSPI, lost 12 percent on Wednesday, sending retail investors into a panic as fears of energy shortages due to the war in Iran battered shares in chipmakers and industrial giants. Meanwhile, Donald Trump says the US will insure oil tankers transiting the Persian Gulf as operating costs skyrocket, and the travel industry suffers as key Middle East hubs remain out of commission.

Iran has taken the risky gambit of closing the Strait of Hormuz, which could backfire and hurt its own economy. FRANCE 24's Yuka Royer speaks with Iranian-Austrian economist Mahdi Ghodsi from the Vienna Institute for International Economic Studies about Iran's unsustainable economic path and whether it's headed for hyperinflation. 

Iran has declared the Strait of Hormuz closed and threatened to fire at any ship passing through it. The narrow waterway is a vital chokepoint for global oil and gas, but also for other commodities such as fertiliser. FRANCE 24's Yuka Royer speaks with Noam Raydan, a maritime risk expert at The Washington Institute for Near East Policy, about the potential impact of the Strait's closure and how Iran could further escalate the situation. 

As war escalates in the Middle East and Iran's security forces order ships not to cross the Strait of Hormuz, oil prices have surged this Monday, putting pressure on global markets. In this edition, we speak to Jorge León of Rystad Energy to better understand the forces that are bringing benchmark energy prices higher. 

Hungary's Prime Minister Viktor Orban has asked the EU for a fact-finding mission over disruptions to a pipeline which delivers Russian crude oil. Hungary has accused Ukraine of "deliberately threatening" its energy security ahead of key parliamentary elections. The Soviet-era Druzhba pipeline is still used by Hungary and Slovakia, which remain dependent on Russian oil imports despite European efforts. Also in the show: German lawmakers consider ending the eight-hour workday. 

Despite headwinds from US tariffs and Chinese competition, the European Bank for Reconstruction and Development's latest report shows stronger-than-expected GDP growth, particularly in sub-Saharan Africa as decelerating inflation boosts consumer spending power. In Business, we spoke to the report's lead author, EBRD chief economist Beata Javorcik.

In his State of the Union address, US President Donald Trump sought to reassure Americans that the economy is doing well ahead of key midterm elections. Also in this edition: the Pentagon tells Anthropic it has until Friday to loosen AI safeguards, or lose its $200 million contract. Plus the Louvre's president resigns after a series of crises and what auditors consider to be a mismanagement of funds.

German Chancellor Friedrich Merz is visiting China on a two-day trip starting on Wednesday. He's the latest in a string of Western leaders who have been seeking new partnerships with the Asian giant in recent weeks, amid Donald Trump's trade war against the rest of the world. It's a delicate balancing act for the German leader as the country's industry has been squeezed by competition from China. But first, we take stock of what four years of war have done to Ukraine's economy. 

Four years to the day after Russia's full-scale invasion of Ukraine, we take a look at the state of the country's economy. The World Bank estimates it will take $588 billion over the next 10 years to make up for damage and destruction incurred during the conflict. The housing, transport and energy sectors have seen the biggest losses. Also in this edition: Panama takes control of two key ports on the Panama Canal.