volatile — after iran launched a barrage of missiles at targets across israel on tuesday. the middle east region supplies around a third of the world's oil — and analysts are concerned a widening conflict could disrupt supplies. the price of crude jumped almost 5% during late trading on tuesday as news of those attacks emerged. as you can see brent crude is up around a dollar — trading close to 75 dollars a barrel. it's one of the key measures around nervousness of global supplies. us stock markets also reacted — the three main indices closing sharply lower — and markets in asia have been following — japan's nikkei 225 ending more than 2% lower. european stock markets though have opened higher — led by shares of energy and defence companies. a mixed picture across london and certainly in frankfurt and in paris.

i'm nowjoined by our north america business correspondent ritika gupta. what is it that markets make of what they are saying? they are nervous because they don't know what's going to happen next. yes. the mood of nervousness. little change now but losses off the back of those middle east tensions. there is a dent to risk appetite. markets don't like uncertainty and risk now is can this respondent is this going to blow into wider war. one of the sectors that is bucking the trend and going higher today's energy stocks and that is off the back of oil as you mentioned. it was up as much as 3% today and continuing again from yesterday over supply disruption concerns. yesterday we saw some of those safe haven assets like gold, we are seeing some of varese today but i still think overall there is this wait—and—see mode and a

very risk of town. is this wait-and-see mode and a very risk of town.— very risk of town. there is one thing they _ very risk of town. there is one thing they are _ very risk of town. there is one thing they are concerned - very risk of town. there is one i thing they are concerned about, supplies, we know oil power is one thing they are concerned about, supplies, we know oil powers the global economy but there is also concern about prices. this could be inflationary.- prices. this could be inflationary. prices. this could be inflationa . , ~ inflationary. yes indeed. we have seen — inflationary. yes indeed. we have seen crude _ inflationary. yes indeed. we have seen crude now- inflationary. yes indeed. wei have seen crude now trading inflationary. yes indeed. we i have seen crude now trading at some of the highest level we have seen in weeks and it was up have seen in weeks and it was up as much as 3% today. i was speaking to a market analyst and he was drawing comparisons to what we saw the start of the ukraine conflict when the us production at record highs and opec increasing its output. markets have been very content that this disinflation trend would remain intact but now they are scratching their heads to see how the events may indeed unfold. mil to see how the events may indeed unfold.— to see how the events may indeed unfold. all eyes are on that right _ indeed unfold. all eyes are on that right now. _ indeed unfold. all eyes are on that right now. perhaps - that right now. perhaps overshadowing some better data for the us economy and it's interesting, head of an election next month in the united states not a good time for the port shutdown we touched on but also possible inflationary pressures. there is some good news in the us

economy right now though isn't there? , , ., economy right now though isn't there? , i. ., there? yes. if you look at the rivate there? yes. if you look at the private hiring _ there? yes. if you look at the private hiring data, _ there? yes. if you look at the private hiring data, that - there? yes. if you look at the i private hiring data, that came on better—than—expected adding 143,000 jobs. that suggests the labour market is still humming along despite some signs of weakness but i think what's going to be more market moving is the focus on friday's jobs report and the impact that has on the fed and its interest rate decision that we get next month. ,., ., rate decision that we get next month. h, ., ., rate decision that we get next month. ,., ., ., ., ~ rate decision that we get next month. ., ., ~ ., month. good to talk to you. thank yon _ earlier i spoke with cornelia meyer. she's an independent energy consultant with decades of experience in the middle east's oil industry. she explained the region's significance and how its unpredictability causes shockwaves in global markets. it's a third of the production, 48%— it's a third of the production, 48% of— it's a third of the production, 48% of oil_ it's a third of the production, 48% of oil reserves. it's it's a third of the production, 48% of oil reserves. it'518% of gas — 48% of oil reserves. it'518% of gas production and that's important especially for europe

as we've — important especially for europe as we've weaned off russian gas and we _ as we've weaned off russian gas and we are — as we've weaned off russian gas and we are getting a lot of lng from _ and we are getting a lot of lng from qatar. 40% of gas reserves. so it is material. mind — reserves. so it is material. mind you _ reserves. so it is material. mind you we have seen these spikes— mind you we have seen these spikes whenever something happened in the middle east and what i _ happened in the middle east and what i called geopolitical premiums were fickle because as soon _ premiums were fickle because as soon as_ premiums were fickle because as soon as things come down any perceptions or algorithms, trading _ perceptions or algorithms, trading oil kept it low again. talk— trading oil kept it low again. talk to— trading oil kept it low again. talk to me about the infrastructure because it's one thing the production but it's the other getting that oil out of the that is needed and we know... once again concerns about production getting through that narrow gap. it’s through that narrow gap. it's really important but let us look — really important but let us look at _ really important but let us look at it that way. iran has

probably— look at it that way. iran has probably no interest in doing anything on the straight of her moves — anything on the straight of her moves because it's oil exports which — moves because it's oil exports which is — moves because it's oil exports which is about 1.4 million barrels_ which is about 1.4 million barrels a _ which is about 1.4 million barrels a day, it's exports 1.7 million — barrels a day, it's exports 1.7 million barrels a day, they also — million barrels a day, they also have to pass mainly through— also have to pass mainly through that waterway so that is fine — through that waterway so that is fine. there is infrastructure in saudi arabia and uae _ infrastructure in saudi arabia and uae and in iran and qatar. some— and uae and in iran and qatar. some of— and uae and in iran and qatar. some of these oil fields and -as some of these oil fields and gas fields are shared between iran gas fields are shared between iran and — gas fields are shared between iran and other countries. the biggest — iran and other countries. the biggest example is what the 0ataris— biggest example is what the qataris call the southfield and the iranians called the northfield and that is where the qatari lng is produced.

now to the other major story that is rasing fears on wall street. a strike by port workers all along america's eastern seaboard — that's now entering its third day —with neither side showing any signs of backing down. us business groups have warned of economic �*paralysis' just five weeks before the presidential election. the shutdown could have major implications for the world's biggest economy — and global trade. union bosses at the international longshoremen's association— which is leading the strike — have turned down an offer of a 50% wage increase for workers over the next six years. it's notjust about pay — they're also concerned about technology putting dockers out of a job. automation doesn't feed families— automation doesn't feed families will— automation doesn't feed families will pay- automation doesn't feed families will pay taxes. i automation doesn't feed - families will pay taxes. these are the — families will pay taxes. these are the things _ families will pay taxes. these are the things our— families will pay taxes. these are the things our members i families will pay taxes. these - are the things our members make their_ are the things our members make their livelihoods _ are the things our members make their livelihoods from. _ are the things our members make their livelihoods from. we - are the things our members make their livelihoods from. we need i their livelihoods from. we need to make — their livelihoods from. we need to make sure _ their livelihoods from. we need to make sure we _ their livelihoods from. we need to make sure we are _ their livelihoods from. we need to make sure we are protectedl to make sure we are protected in our— to make sure we are protected in ouriohs _ to make sure we are protected in ouriohs we— to make sure we are protected in ourjobs. we know- to make sure we are protected in ourjobs. we know there - to make sure we are protected in ourjobs. we know there is. in ourjobs. we know there is automated _ in ourjobs. we know there is

automated machines- in ourjobs. we know there is automated machines in- in ourjobs. we know there is- automated machines in rotterdam in places— automated machines in rotterdam in places like — automated machines in rotterdam in places like that _ automated machines in rotterdam in places like that where _ in places like that where people _ in places like that where people sit— in places like that where people sit behind - in places like that where - people sit behind computers and the machines— people sit behind computers and the machines and _ people sit behind computers and the machines and we _ people sit behind computers and the machines and we don't- people sit behind computers and the machines and we don't want| the machines and we don't want that here — jeremy tancredi is a partner at the digital services firm west monroe. he told us about how the strike is likely to impact global supply chains and how long he expects that to last. i think the impact of global supply chains is going to be large. this is notjust a us issue. as those ships and containers waiting us ports to be unloaded that creates a global demand for those containers and you will see capacity limited. this will rise or litre increase in prices across the globe and if this lasts for a week or more which anticipated will you will see the global impact on supply chains and costs. certain goods that come through these ports are perishable products, they don't have a large shelf life. even though we anticipated the strike we were unable to build up strike we were unable to build up inventory levels to the necessary need. so now that's

going to be an issue you're going to be an issue you're going to be an issue you're going to see things like bananas been skating stores in prices rising and as it lasts longer you will see across other products as well. the department store fenwick said that the former harrods director nigel blow will not take up the post of chief executive as expected later this month. the bbc has asked mr blow what he knew about sexual assault and rape claims made against the former harrods owner, mohammed al fayed. lets speak to our business reporter ben king. why is he in the news? two weeks ago the bbc broadcast documentary alleging multiple sexual assaults and rates based on more than 20 women who said they had been attacked by mohamed al fayed were working at harrods. i have been trying to contact as many former directors of harrods is possible to ask what they knew and if they had any comment to make. mr blow work for mohamed fayed to 14 years rising to the post of chief merchant of

harrods with a seat on the board. during that time there were more or they were a number of allegations made against mr al fayed in the press notably in vanity fair magazine in 1995. currently mr blow works as a south london department store called morlaes and i called him on the 21st of september and renewed that bid multiple times but i never heard a response. so when monday i contacted fennec which is a department store chain with a famous 140—year—old store in newcastle and he was due to take up the post of chief executive there and within 24 hours they told me that actually he was not going to take up the post after all. there were no reasons for that mentioned in the statement but none of the obvious reasons you might think of such as family issues or personal reasons or ill—health were mentioned in that statement. then i called morlaes to ask if he was going

to stay on as the chief executive there and again no comment. so there you have it. no one has spelt out exactly whether mr blow will take up or want to come as newjob but the news did emerge quite soon after the documentary came out on the bbc and mr blow has not said anything about that documentary or indeed about anything else. contrast that with another department store chief who was six years at harrods and he is due to take up harrods and he is due to take up the post of chief executive of selfridge's in london and he said he was horrified by what he saw in that documentary but that he never heard anything that he never heard anything that suggested this apparent behaviour was going on. thank ou for behaviour was going on. thank you for that — behaviour was going on. thank you for that update. _ to europe now — because uk prime minister sir keir starmer has been meeting the president of the european commission — ursula von der leyen — in brussels. the meeting comes as the british government looks to pave the way for an overhaul of the brexit deal. brussels however has warned

that britain will not be allowed to cherry—pick a new agreement and that they would guard against british efforts to bend eu rules. elaine fahey is professor of law at city law school in london. there has been some fantastic efforts— there has been some fantastic efforts to _ there has been some fantastic efforts to engage in reflections on how to assess the relationship example the uk has been — the relationship example the uk has been participating in. there _ has been participating in. there has been deep efforts to engage — there has been deep efforts to engage in foreign policy and security, _ engage in foreign policy and security, cooperation on what that _ security, cooperation on what that might mean. but so far the uk has — that might mean. but so far the uk has rejected eu advances to have _ uk has rejected eu advances to have a — uk has rejected eu advances to have a mobility scheme and from architects — have a mobility scheme and from architects to musicians there is lots — architects to musicians there is lots of— architects to musicians there is lots of concerns about the tack — is lots of concerns about the lack of — is lots of concerns about the lack of progress on gaining schemes for workers to have movement or recognition rights and so — movement or recognition rights and so on _ movement or recognition rights and so on. so there are lots of overtures _ and so on. so there are lots of overtures on one level but the reality— overtures on one level but the reality seems to be quiet limited _ reality seems to be quiet limited are less excited on the ground — limited are less excited on the

ground so— limited are less excited on the ground so there is a lot of concern _ ground so there is a lot of concern as to what that means in practice _ concern as to what that means in practice and whether anything can be achieved at this— anything can be achieved at this point. anything can be achieved at this point-— this point. that is the business _ this point. that is the business today, - this point. that is the | business today, much this point. that is the - business today, much more on the website. i will see you very soon.

ukraine is accusing russia of executing 16 prisoners of war. kyiv launched an investigation into what they said was the biggest mass execution of surrendered ukrainian soldiers since the beginning of russia's invasion. with me is our reporter olga malchevska spoke to ukraine's prosecutor general and watched the footage investigated. i know it's incredibly distressing footage so tell me a little more about what it shows, where this was and what they are saying?— they are saying? first of all i 'ust they are saying? first of all i just want _ they are saying? first of all i just want to _ they are saying? first of all i just want to stress _ they are saying? first of all i just want to stress we -

they are saying? first of all i just want to stress we will i they are saying? first of all i | just want to stress we will not show the full footage because it is very drop dramatic and sensitive. we will show a part of it. what we are seeing on that footage is it was allegedly filmed by drone and its black and white. you can see white dots and we understand that those dots are people. if you look at the footage you can see those people are coming out of a wooden area. then they are being lined up and something happens and they fall down. allegedly there is another side which fired at them. then they fold down. ukrainian prosecutor general told us that it happened in the eastern area of ukraine in donetsk. it happened

between those two