With the US and Iran trading fire in the Strait of Hormuz, the ceasefire wobbling and oil prices continuing to rise, Sam Fenwick discusses the latest developments as the situation in the Persian Gulf continues to fray.

We hear from Nikolas Tsakos, founder and CEO of one of the world's largest independent tanker operators, as well as trade union representative Sascha Meijer, on what this means for those stuck on tankers in the Middle East.

Elsewhere we tell you why the price of oil you hear on the news may be misleading, and what it could mean for your fuel bills if the US-Iran conflict drags into next year.

Plus, with fashion retailer GAP's co-founder Doris Fisher passing away, we speak to Catherine Shuttleworth on changing fashions of the high street.

Global business news, with live guests and contributions from Asia, Europe and the USA.

(Picture: US secretary of state Marco Rubio discussing the situation in the Strait of Hormuz within the James S. Brady Press Briefing Room at the White House in Washington DC, USA, on 5 May 2026. Credit: Kylie Cooper / Reuters)