Oil deadlock deepens

Oil prices are rising as tensions in the Middle East continue to disrupt supply, with petrol in parts of the US now topping six dollars a gallon. We’re joined by David Malpass, former US Treasury Under-Secretary under President Trump and former World Bank President, to discuss the global economic impact. And what does all this mean on the ground for small businesses already under pressure? Also, Nintendo shares fall after a price hike for its new Switch 2 console, as booming demand for AI drives up the cost of memory chips and pushes prices higher for gamers. We’ll be asking what’s behind the global scramble for semiconductors — and how far those costs could go. And Iran’s saffron industry is being hit by the conflict — pushing up prices for one of the world’s most expensive spices. (Picture: The crude oil tanker Odessa, carrying UAE crude after passing through the Strait of Hormuz with its AIS transponder turned off, at Daesan port, Seosan, South Korea, 8 May 2026. Credit: Reuters / Kim Soo-hyeon)