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The Strait of Hormuz remains pretty much closed to shipping, and countries around the world are hurting.
It's World Business Express from the BBC World Service.
I'm Gideon Long.
Plus, we'll hear from the CEO of a hospitality company in the Middle East about the impact of the war and Korean boy band BTS back on the road at the start of a billion dollar tour.
Three days after the ceasefire deal between the United States and Iran, the Strait of Hormuz remains largely closed to shipping.
According to analysis from Kepler and Lloyd's List Intelligence, which monitor shipping movements, just three oil tankers have crossed it in the past 24 hours.
In normal times, it's usually around 140 a day.
US President Donald Trump says Iran is doing a very poor job in allowing ships through and ominously warned this is not the agreement the two sides reached.
The impact is being felt far and wide.
In Ireland, demonstrators have blocked roads for a fourth day in protest at the high cost of fuel, a consequence of the war.
We're calling on the government here to save our economy.
They need to take us seriously.
Do they realise how many businesses is in Ireland that is in dire straits?
I mean, this is only today.
If we have to do another one and shut the port and the airport down, we'll do it.
The BBC's Ireland correspondent, Sarah Girvan, was at one protest in Dublin.
This is the fourth day of this protest and it's really affecting travel across the Republic of Ireland.
We're here on O'Connell Street in Dublin's city centre.
It is one of the busiest streets in Dublin, but it's been brought to an absolute standstill since Tuesday.
Behind me all the lorries and the tractors that have been parked up.
Lots of people have actually been sleeping in their vehicles as this protest continues.
This morning, still motorways, main roads across the country are blocked.
We saw those really striking pictures yesterday of people walking up the hard shoulder of a motorway with their luggage just to get to Dublin airport.
So this is causing...
Massive issues for people across the country.
And of course, this is all about fuel prices.
So protesters here today, many of them are from the farming community and from contractors and haulage.
They're saying they just can't sustain these continuing rises and they're really unhappy about the support that is being offered to them from the Irish government.
Things did take a bit of a turn yesterday when we heard from the Irish Minister for Justice, Jim O'Callaghan, who said there would be legal consequences for these protests and he said he'd be asking the Irish army to move vehicles from fuel depots that are blocking access to those.
He said they wouldn't be treated as protests anymore but rather blockades.
But it is important for me to say we haven't seen the army moving vehicles just yet today.
In Asia, Japan says it will release another 20 days' worth of oil from its reserves.
And Australia's Prime Minister, Altoni Albanese, is in Singapore, which refines over a quarter of Australia's fuel.
He said it was vital the countries worked together.
It is in both of our countries' interests to engage with each other to make sure that we are both reliable suppliers and our word means something.
And we have each other's word and indeed we have each other's back at this time.
Australia's Prime Minister, Anthony Albanese.
Inevitably, the war has hit the hospitality sector in the Gulf and the broader Middle East.
Some restaurants say footfall has been a fraction of what it usually is.
Hotel occupancy levels have dropped.
But I spoke to Rabih Fakhruddin, the founder and CEO of Seven Management, a hospitality management firm working in the region.
And he said that in Dubai, at least, things are bouncing back.
At the beginning, with the level of uncertainty, the number of tourists dropped significantly.
But what was surprising for us as operators is that even in the middle of the crisis, we've seen some tourists coming to Dubai and they kept their plans and they kept their vacations and they showed up.
So have you seen any impact on your businesses?
Have you seen revenues falling, for example?
Have you been forced to cut wages or let staff go as a result of the conflict?
Yes, we've experienced a slowdown in the early days.
Reservations dropped, obviously, and consumer confidence softened.
And obviously, tourists were cautious.
But what's positive is that this was a temporary sentiment-driven adjustment, not a structural problem.
We've seen how it was bouncing back.
Our places are full every weekend, even in the middle of this crisis.
Cutting wages, obviously, we're a business that involves daily operations.
So The first impacted staff were the seasonal staff, because you know, we have permanent staff and we have seasonal staff.
We had to let go our seasonal staff, but we managed to keep the core team, and our full-time employees are still with us.
There's an organisation here in the UK called Tourism Economics and they estimate that between 23 million and 38 million fewer visitors might go to the Gulf this year.
I mean, it depends obviously on what happens next or if the ceasefire continues.
But surely those kind of numbers are a concern to you, aren't they?
To be honest, I don't think those numbers are accurate, or at least we cannot estimate from now the impact.
What I'm confident in, at least for us living in the UAE and in Dubai we are confident that the impact will be minimal.
And Rabi, you're Lebanese and you have business interests in Lebanon as well.
How have they been impacted by the conflict, the broader conflict in the Middle East?
Yes, Lebanon and Beirut is unfortunately a totally different case than the Gulf and UAE and Dubai.
We have been impacted a lot and we have a complete shutdown for our operations in Beirut where, in Dubai, we didn't close for one day.
We've seen that if you give Lebanon and the Lebanese some peace, how businesses flourish, at least for the tourism.
Beirut and Lebanon is a small market to...
The bounce back can happen much faster and much easier, and we need a final agreement or we need this war to stop, to end this conflict that has been there for years and years.
Hundreds of flights have been cancelled across Germany today because of a strike by about 20000 cabin crew at the airline Lufthansa.
In Frankfurt, the country's biggest travel hub, nearly 75% of Lufthansa departures were cancelled.
It's the third such walkout this year.
Let's take a look at the markets.
I'm joined by Randeep Somal, fund manager at M&G Investments.
And Randeep.
US inflation out a couple of hours ago up pretty sharply in March compared to February.
And this is all about those energy costs that we were talking about earlier in the programme, isn't it?
It is.
We're starting to see the Middle East disruption now getting all the way across to North America.
The consumer price index is up 0.9% in February alone.
So the year-on-year rate now is 3.3%.
And it's especially hitting areas like airfares, where you've got the big American airlines trying to recoup the cost as fuel goes up.
Yeah, energy prices up 11% in total in March compared to a year earlier.
And a few pieces of news from the car industry.
Bad news for Porsche, but good news if you're an exporter of Chinese electric vehicles.
Talk us through that.
It is unfortunately Porsche has begun to see their luxury car demand and sales fall, not just in China but elsewhere.
So five years ago, they were selling nearly 100,000 cars.
Last year, 40,000.
And this year, 30,000, they're expecting now.
You're starting to see Chinese brands, not just in China but across the world, start to erode the prestige brands like Porsche.
And, very briefly, Randy big weekend of diplomacy, coming up possibly with those talks in Pakistan on a Middle East peace deal.
How do you play this if you're in the markets on a Friday afternoon and anything could happen over the weekend?
It's very difficult, and we've also seen deals be broken out to only be reversed sometimes the next day or, if not, that same day.
The best way to look at the market is, especially when you see volatility and a fall, is if you've got any high quality companies in mind, then these sell-offs tend to hit broader markets.
That it's a good opportunity to buy for the long term.
Randy, thanks for joining us.
And just before we go, one down, 84 to go.
The South Korean boy band BTS have played their first gig of a mammoth 85-concert tour spanning over 30 cities.
It's due to bring in around a billion dollars.
That's all for this edition of World Business Express.
That's it.
The dramatic stories of the families behind some of the world's biggest companies.
Inheritance, from the BBC World Service.
Season one, Samsung, pulls back the curtain on one of South Korea's most prominent families.
They are the equivalent of royalty, a symbol of the nation of South Korea.
Owners of global tech giant Samsung.
There's a succession-style drama underneath of all this.
Listen now.
Search for Inheritance Samsung wherever you get your BBC podcasts.
