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    Iran war puts at risk key pipelines, terminals and refineries that supply the world with oil and gas
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    National Herald case: Delhi HC to hear on April 20 ED plea against Gandhis
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March 9, 2026
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Force majeure declarations disrupt oil and gas contractual supply chains, creating carriage, insurance and performance risks for parties.
Strikes and security-driven closures have caused shutdowns at major oil and gas terminals, pipelines and refineries, leading suppliers to invoke force majeure and creating contractual, insurance and logistical challenges. The effective closure of a maritime chokepoint and targeted attacks on alternative export terminals have increased carriage and routing risks, while storage constraints have forced producers to suspend output; once shut in, restart may take weeks or months, affecting mitigation, notice and performance obligations. State regulatory orders may create legal bases for interruption separate from force majeure.
March 9, 2026
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Force majeure invoked for oil shipments, suspending contractual delivery obligations amid Gulf supply disruptions and transit risks.
Military attacks and leadership developments in Iran have impaired Gulf oil and gas production and shipping, prompting a national oil company to invoke force majeure to suspend contractual shipment obligations due to extraordinary damage and security risks; resulting export curtailments, tanker transit disruptions through the Strait of Hormuz, and filled storage have reduced available supply, while governments consider reserve releases and impose regulatory measures against hoarding to stabilize markets and protect energy security.
March 9, 2026
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Fuel price freeze maintained as government directs companies to absorb costs and boosts LPG allocation to prevent shortages.
Government sources say retail petrol and diesel prices will not be raised immediately; oil marketing companies are expected to absorb current cost pressures. The state reports adequate crude and fuel stocks for six to eight weeks, has increased the minimum domestic LPG refill booking gap from 21 to 25 days to prevent hoarding, and has directed refineries to maximise LPG production while monitoring global energy developments and recalibrating allocations to maintain supply chain stability.
March 9, 2026
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Cognisance under PMLA: challenge to requirement of FIR for scheduled offences may determine prosecutorial scope.
The ED challenges a trial court ruling that refused cognisance of its PMLA prosecution because the alleged scheduled offence arose from a private complaint rather than an FIR, arguing that denying prosecution on that basis improperly shields alleged money launderers; the Delhi High Court has listed the ED's appeal for hearing and notices were issued to the accused and related entities concerning alleged usurpation of Associated Journals Limited's assets by Young Indian.
March 9, 2026
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Consumer financing: pre approved EMI and Easy EMI Loan options enable instant in store purchases of eco friendly refrigerators.
Bajaj Finserv's Summer Sale provides pre approved consumer financing and Easy EMI Loan options enabling instant, in store purchase of eco friendly refrigerators with flexible tenors, conditional zero down payment, and partner store availability; promotional prices, EMIs and offers vary by model, store and location. Bajaj Finance Limited is disclosed as an RBI registered deposit taking NBFC classified as an NBFC Investment and Credit Company, with cited credit and deposit ratings and a disclaimer limiting the news agency's editorial responsibility.
March 9, 2026
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Force majeure declarations amid Middle East conflict trigger supply disruptions and spur talks of releasing strategic oil reserves.
Attacks on production and shipping linked to the Iran conflict have reduced exports and prompted a national oil company to declare force majeure, relieving contractual obligations during extraordinary disruption. Some producers have cut output as storage fills, while major consuming states are considering coordinated releases of strategic petroleum reserves and domestic measures to prevent hoarding and price collusion to stabilize markets.
March 9, 2026
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Limiting customer liability in digital transactions expanded to cover more fraud and introduce a temporary compensation mechanism.
RBI has published draft Amendment Directions to broaden the scope of limits on customer liability in digital transactions to include additional fraudulent electronic banking transactions, mandate faster bank processing of fraud complaints, and establish a temporary compensation mechanism for small-value frauds subject to a one-year review aimed at shifting more compensation responsibility to banks.
March 9, 2026
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Provincial development priorities: prioritize industry technology integration and service sector modernization under the new five year plan.
Guangdong sets strategic provincial development priorities for the 15th Five-Year Plan, prioritizing industry technology integration and the cultivation of large-scale industrial clusters in fields such as 6G, embodied artificial intelligence, and quantum technology. Simultaneously, the province will accelerate high-quality service sector development through six strategic dimensions-integration, high-end advancement, digital intelligence, green development, internationalization, and diversification-by expanding investment, building world-class industrial parks, and creating diverse platforms while inviting external participants and talent to engage in provincial opportunities.
March 9, 2026
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Wealth management platform expansion strengthens bank's direct advisory franchise while maintaining strategic collaboration with existing partner.
Federal Bank launched Fed Wealth and a Wealth Hub to develop an in house wealth franchise offering fixed income, equities, mutual funds, alternatives and GIFT City solutions, and will establish specialised Wealth Hubs for private advisory and virtual consultations. The Bank restructured its arrangement with Equirus Capital to align product and service architecture for affluent and UHNI clients while ensuring uninterrupted service for existing Equirus customers, retaining a minority stake in Equirus and continuing targeted collaboration to offer select Equirus products to UHNI clients.
March 9, 2026
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Oil supply disruption drives crude price surge and market volatility amid Middle East conflict, threatening shipping and energy inflation.
Crude oil prices surged as the Iran war damaged energy infrastructure and disrupted shipping through the Strait of Hormuz, constraining exports and prompting production cuts by regional producers. Attacks on depots and transfer terminals, reduced tanker traffic, and filling storage tanks tightened physical supply, fueling market volatility, higher fuel and natural gas prices, and inflationary pressures. Discussions of strategic petroleum reserve releases and official assurances were cited as potential mitigating measures against persistent disruptions.
March 9, 2026
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Oil supply disruption drives crude prices up, threatening global inflation and straining markets and fuel costs.
Crude oil prices surged after the Iran war disrupted production and maritime transit through the Strait of Hormuz, impeding tanker movement and prompting output cuts by producers as storage tanks filled. Attacks on oil and gas facilities and depots further reduced exports, transmitting supply shocks into elevated crude and natural gas prices, higher retail fuel costs, intensified market volatility, and upward pressure on inflation, with major buyers potentially seeking alternative suppliers.
March 9, 2026
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Export Obligation extension grants automatic relief for advance and EPCG authorisations, no application or fee required.
Automatic extension of the Export Obligation (EO) period is provided for specified Advance Authorisations and EPCG Authorisations, without requiring separate applications or payment of composition fees, operating alongside existing Foreign Trade Policy and Handbook of Procedures provisions; DGFT regional authorities will verify EO compliance at the time of issuance of Export Obligation Discharge Certificates, closure, or regularisation, and Customs have been informed to permit exports consistent with the revised EO timeline.
March 9, 2026
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Technological self-sufficiency drives China's industrial policy, prompting state-led subsidies and supply-chain strategies to counter foreign tech restrictions.
China's 2026 and five-year plans combine near-term focus on expanding domestic demand with a strategic push for technological self-sufficiency. The state will deploy industrial policy and sizeable subsidies to accelerate breakthroughs in AI, semiconductors, batteries, biotech, 6G, electric vehicles and commercial aviation, seeking supply-chain resilience in response to foreign technology restrictions, while acknowledging risks of manufacturing oversupply and international trade tensions.
March 9, 2026
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Energy supply disruption raises oil prices and fuels market volatility with implications for fuel costs and economic risk.
Oil prices rose above one hundred dollars per barrel after conflict involving Iran disrupted production and shipping through the Persian Gulf, reducing tanker transits via the Strait of Hormuz, prompting production cuts and storage fill-ups among regional producers, and following attacks on oil and gas facilities that tightened global crude availability and heightened market volatility.
March 8, 2026
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Sanctions waiver allows delivery of Russian-origin crude already loaded, enabling refiners to secure alternate supplies amid shipping disruptions.
A temporary sanctions waiver permitting sale and delivery of Russian-origin crude loaded prior to the cutoff enables Indian refiners to accept in transit Russian cargoes without breaching sanctions; refiners are also sourcing additional supplies from non-conflict regions, maintaining processing rates and using onshore and strategic reserves to preserve inventory coverage while facing higher freight, insurance and commodity price risks.
March 7, 2026
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Trade preference: India secured preferential market access under a bilateral framework with the US, affecting tariffs and procurement.
A bilateral trade framework with the US sets reciprocal tariff adjustments and market-access commitments, with India agreeing to reduce or eliminate tariffs on a broad set of US industrial and agricultural products and declaring procurement commitments for US goods; final legalisation is pending after changes in US tariff policy and postponement of negotiators' talks.
March 7, 2026
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Illicit export of controlled drug by mislabelling and forged customs papers exposed, forensic testing confirmed substance.
Three individuals were arrested for exporting etomidate by mislabelling consignments as aloe vera powder and a personal care ingredient, using forged customs documents and air cargo from Mumbai; Raman spectrography confirmed etomidate, the suspects admitted contacts with overseas drug-cartel members, and shipments were bound for jurisdictions where etomidate is treated as a controlled or prohibited substance.
March 7, 2026
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Government emergency power to direct refineries ensures LPG supply while domestic cooking gas prices rise.
Domestic cooking gas prices were raised significantly and commercial LPG rates were increased separately; state differentials reflect local tax incidence. The rise was linked to global energy price spikes and supply disruptions through the Strait of Hormuz. The government invoked emergency powers to direct refineries to boost LPG production and indicated petrol and diesel prices will not be raised immediately because state oil companies can absorb short term cost pressures.
March 7, 2026
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Port facilitation measures urged to permit charge waivers and operational steps to manage disruption from West Asia crisis.
The Ministry's Standard Operating Procedure requires each port to appoint a nodal officer as single point of contact to secure timely action and mandates that ports consider, case by case and depending on circumstances, requests for reduction, waiver or remission of charges including storage rent and change of vessel charge; permit storage of Middle East bound cargo as transshipment cargo; allot additional storage; facilitate ad hoc berthing and expedited return movement of export cargo; prioritise perishable cargo handling; and coordinate with Customs and DGFT for implementation.
March 7, 2026
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Export obligation relief extends EO for specified advance and EPCG authorisations without composition fee to aid exporters facing shipping disruptions.
The DGFT has automatically extended the export obligation period, block-wise, for specified advance authorisations and EPCG authorisations expiring between March and May, until August 31, 2026, without payment of the composition fee, supplementing existing foreign trade policy extension mechanisms to assist exporters affected by shipping and supply-chain disruptions.

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First leg of Budget session witnessing uproar over India-US trade deal, Naravane's book ends

February 13, 2026

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New Delhi, Feb 13 (PTI) The stormy first leg of the Budget session of Parliament that saw heated exchanges between the opposition and the treasury benches over the India-US interim trade deal and unpublished memoir of former Army chief M M Naravane concluded on Friday.

The Lok Sabha and the Rajya Sabha will both reassemble on March 9 and the session will conclude on April 2.

The first part of the session also saw the opposition give a notice to remove Speaker Om Birla from his chair after expressing no-confidence in him and accusing him of abusing his position.

This is the fourth such notice to remove the speaker so far, with the earlier ones either being defeated or not being taken up due to lack of numbers. The notice would now be taken up during the second part of the session.

Meanwhile, the speaker also said that he will not occupy the chair on moral grounds until the notice for his removal is disposed of.

The three-week recess period will allow the standing committees of Parliament to examine allocations made in the Union Budget to various central ministries.

While the Lok Sabha saw lower productivity, that of the Rajya Sabha was nearly 100 per cent, as members participated in the discussion on both the Motion of Thanks to the President's Address and the Union Budget.

The Lok Sabha witnessed acrimonious exchanges from both sides after Leader of Opposition Rahul Gandhi was not allowed to quote excerpts from Narawane's unpublished memoir. Its fallout was that the prime minister could not reply to the discussion on the Motion of Thanks.

The Lok Sabha witnessed dramatic scenes and repeated adjournments from February 2 afternoon after the chair disallowed Gandhi to quote excerpts from Naravane's unpublished memoir relating to the India-China conflict of 2020.

This led to the suspension of eight MPs, including seven of the Congress and one of the CPI(M), for the remainder of the Budget session for unruly behaviour.

The opposition finally moved a notice to move a resolution against Birla for removing him from his chair.

An anguished Birla said he had "concrete information" that many Congress members might move towards the PM's seat and carry out "some unexpected act" as a result of which he had requested him not to come to the House to reply to the discussion on the Motion of Thanks.

In an unprecedented development, the Lok Sabha passed the Motion of Thanks on February 5 without the prime minister's customary reply in the face of relentless sloganeering by opposition members.

In the Rajya Sabha, Prime Minister Modi, in his nearly 100-minute reply to the debate on the Motion of Thanks on February 5, took on the opposition and accused them of insulting not just a tribal woman President Droupadi Murmu but also the high office of the President of India as well as the Constitution. He said the opposition has no right to talk about the Constitution anymore.

He also launched a scathing attack on the Congress saying the opposition party is unable to digest its successive electoral defeats and his rise, and asserted that it will never be able to "dig his grave" as the blessings of crores of Indians are his "protective shield". He also accused the Congress' "first family" of "stealing" Mahatma Gandhi's surname, alleging that stealing was their ancestral profession.

The Motion of Thanks was adopted by the Rajya Sabha by a voice vote in the absence of opposition members, who staged a walkout.

Later, the discussion on the Union Budget took place and Finance Minister Nirmala Sitharaman replied to the discussion in both Houses.

Participating in the debate in the Lok Sabha, Rahul Gandhi accused the government of failing to protect India's interests while signing an interim trade agreement with the United States, a charge that Sitharaman countered, saying it was the Congress government that sold the country at the World Trade Organisation (WTO).

A Bill to amend the Industrial Relations Code aiming to bring legal clarity was passed by Parliament in the first part of the session.

In the Rajya Sabha, Sitharaman asserted that India is on a robust growth trajectory with low unemployment, dismissing concerns of "jobless growth" as a relic of the UPA era. She said the middle class is expanding, not being suppressed, and emphasised that higher taxes paid by individuals compared to corporates do not mean they are being burdened.

According to PRS Legislative, while the productivity of the Lok Sabha was only 43 per cent, that of the Rajya Sabha was 97 per cent. It also said that the Lok Sabha functioned for 26.6 hours while the Rajya Sabha functioned for 58.2 hours.

On Friday, Rajya Sabha proceedings were also adjourned at 1 pm after Zero Hour and Question Hour.

On Friday, Leader of Opposition in Rajya Sabha Mallikarjun Kharge raised the issue of large portions of his speech during the debate on Motion of Thanks being expunged and demanded that they be restored. He urged the chair to reconsider his decision, saying otherwise, he will release them to the public.

Chairman C P Radhakrishnan, however, said Kharge cannot question the chair, and what he was saying was not correct as whatever has been expunged from the records cannot be released outside.

The Lok Sabha saw adjournments before the House was adjourned till March 9. Earlier, the House was adjourned for one hour after opposition members raised slogans demanding the resignation of Union minister Hardeep Puri. The opposition members were also protesting against the India-US interim trade agreement. PTI SKC GJS NAB SKC KSS KSS

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