UPDATE: Global oil prices surge again - a podcast by BBC World Service

First on the programme, Dr Carole Nakhle is the Chief Executive of Crystol Energy discussed with us how the price of the main oil benchmark - Brent crude - surged on Monday, hitting $139 a barrel at one point. It has since pulled back to about $123. It’s not just oil - European natural gas prices rose 60% today to a fresh record. Russia is a major exporter of energy – oil and gas revenues make up about half of the Kremlin's budget. European countries currently need to import it. The European Union imports about 40% of its natural gas from Russia and 25% of its oil.

Next, Velta's deputy chief executive is Olena Lesnyak tells us about the situation in Dnipro. In Ukraine, the eastern city of Dnipro has been shelled by Russian forces, but not on the same devastating scale as other towns and cities that have been heavily bombed. Despite the encroaching war, companies in Dnipro are trying to continue as best they can. Velta runs a titanium mine and processing complex in Ukraine and employs 650 people. Titanium is metal important for the aerospace, marine and car industries. Russia and Ukraine both produce the metal.Russia's invasion of Ukraine, and the resulting sanctions on Moscow, is causing turmoil on financial markets. In the US, the technology-heavy Nasdaq index has now fallen 20 per cent from its peak, entering what's called a bear market. The Dow Jones Industrial Average is down 10 per cent from its high point. Peter Jankowskis from Oakbrook Investments in Chicago in the US tells us why.

Lastly, nations last week voted overwhelmingly in Favour of a United Nations General Assembly motion to demand an immediate end to the invasion of Ukraine. 35 countries abstained on the resolution. Uganda was one of them. We asked Dr. Chris Baryomunsi , Uganda's minister for information, why his country abstained.

Producers: Gabriele Shaw and Benjie Guy | Presenter: Benjie Guy

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