Your commercial news round-up: oil prices spike, air fares, AI scams, new banknotes

Dimitar Dimitrov is a content and engagement coordinator at LawCareers.Net

Reading time: three minutes

The global landscape is once again being reshaped as geopolitical tensions, economic pressures and technological risks converge. Oil prices have soared despite an unprecedented International Energy Agency intervention, and airlines are raising fares and cancelling flights as jet fuel costs spike. In the UK, fraud cases have hit a record high because of AI‑powered scams and, in a historic shift, the Bank of England (BoE) is preparing to retire its long‑standing tradition of featuring notable figures on banknotes. Read on for LawCareers.Net’s picks of this week’s top commercial stories!

• Global oil prices have surged despite a coordinated plan to release a record 400 million barrels from International Energy Agency (IEA) reserves, after three more cargo vessels were attacked in the Persian Gulf. Brent crude briefly jumped by more than 9% on Thursday to exceed $100 a barrel, according to BBC News, before easing to about $99.44. Earlier this week, the cost of Brent crude reached almost $120 a barrel (on the day before the US-Israel conflict with Iran began, the price was $73). A spokesperson from Iran’s Islamic Revolutionary Guard Corps warned that any vessel linked to the US, Israel or their allies would be targeted and predicted oil could reach $200 a barrel. The Strait of Hormuz – through which roughly a fifth of global oil supply passes through – remains effectively closed due to security risks.
  
  Elsewhere, Japan’s Nikkei share index fell 1% and London’s FTSE 100 opening down 0.7%. Assistant professor at the Singapore Institute of Technology, Martin Ma, said that oil prices are likely to remain elevated as long as supply risks persist, and the recent surge indicates that traders still anticipate a “prolonged” disruption.
   
• Air fares are also rising across Asia as the US‑Israel conflict with Iran disrupts oil supply, sending jet fuel costs up and prompting airlines to pass expenses on to passengers. Cathay Pacific, AirAsia and Thai Airways have joined Qantas and Air New Zealand in lifting prices or adding fuel surcharges, with experts warning fares may stay elevated for months even if the conflict ends soon. Cathay Pacific plans surcharge increases after hedging just 30% of fuel needs, AirAsia has signalled temporary fare hikes and fuel surcharges, and Thai Airways expects air fares to increase up to 15%. Air New Zealand said on Thursday it plans to cancel thousands of flights from mid-March to early May. Travel disruption through the Middle East has also pushed passengers onto alternative stopover routes, driving up demand and prices, especially on long-haul journeys for Australian connections to Europe, North America and North Asia. Transport professor at the University of Sydney, Rico Merkert, estimated that fares could jump as much as 30%, urging near‑term travellers to book immediately, while those planning for September or later may benefit by waiting.
   
• AI‑powered scams drove UK fraud cases to a record 444,000 last year, according to new data from Cifas, the country’s leading anti‑fraud organisation. The 6% year‑on‑year rise was fuelled by increasingly “industrialised” use of AI in account‑takeover schemes targeting mobile phones, online shopping accounts and personal credit cards. Cifas warned that criminals are now exploiting stolen data and advanced AI tools to impersonate victims, seize accounts and make unauthorised transactions. Cifas CEO Mike Haley commented: “Our assessment suggests that online fraud will become ever more sophisticated, supercharged by AI-powered impersonation, synthetic media and accessible fraud-as-a-service tools that are likely to ensure that identity fraud and account takeover remain major threats.”
  
  Identity fraud remained the most common scam, while more than 22,000 cases of money muling were recorded, often enabled through job scams or manipulated online marketplace payments.
   
• The Bank of England (BoE) will replace historical figures with British wildlife on its next series of banknotes, giving the public a say in which species appear. The BoE said wildlife images are harder to counterfeit and will offer a chance to celebrate UK nature, marking the end of more than 50 years of featuring notable historical characters on £5, £10, £20 and £50 notes. A panel of wildlife experts and academics will create a shortlist before a public vote, although final approval rests with the bank’s governor. The new notes are still several years away from circulation. Nature emerged as the top theme in a consultation of 44,000 people, with 60% selecting it over architecture, historical figures, arts, innovation or milestones. Wildlife already features on some UK notes, including those issued by the Royal Bank of Scotland.

Check the News every Thursday for this weekly commercial news round-up. Prefer to listen to your commercial news? Why not check out our Commercial Connect podcast?

Follow LawCareers.Net on X, LinkedIn, and Instagram for regular business news updates.