The world this week saw West Asia tensions escalating amid the US-Israel war, the appointment of Iran's new Supreme Leader Mojtaba Khamenei on March 8, Sweden becoming the 32nd member of NATO, and Panama officially becoming the 97th member nation of the International Solar Alliance (ISA).
The US-Israel war entered its second week, highlighted with airstrikes targeting Iranian oil facilities near Tehran. Iran has been blocking the Strait of Hormuz, triggering an energy crisis across the world. To tackle energy shortages and rising prices with global crude prices surging to nearly the $120/barrel mark, the 32-nation International Energy Agency (IEA) agreed to release 400 million barrels of oil to bring down the oil prices.
Meanwhile, the U.S. military launched a massive bombing on major military installations on Iran's Kharg Island while deliberately avoiding striking oil infrastructure on the island. Kharg Island is Iran's heart of oil exports, which handles around 90 per cent of Iran's oil exports.
Amid the West Asia conflict and the closure of the Strait of Hormuz, India witnessed an LPG crisis and airlines announcing fuel surcharges. The Indian government invoked the Essential Commodities Act to direct Indian refiners to ramp up liquified petroleum gas (LPG). India has announced LPG production up by 25 per cent.
Rapper turned politician Balendra Shah is set to become Nepal's next prime minister after his party, the Rashtriya Sawantantra Party (RSP) secured a landslide victory in parliamentary elections with 122 of the 165 seats while NATO began its biennial 'Cold Response' Arctic military exercise on March 9 in Norway and Finland.
Top 5 World Current Affairs This Week
Here are the top 5 international headlines around the globe from 8 to 14 March 2026.
1. India and Seychelles Conduct Joint Military Exercise LAMITIYE 2026
Why in news? The 11th edition of the India-Seychelles Joint Military Exercise 'LAMITIYE 2026' is being conducted at the Seychelles Defence Academy from 9 to 20 March, 2026. This 13-day exercise aimed at strengthening defence cooperation between the Indian Armed Forces and Seychelles Defence Forces (SDF) is the first tri-services edition of the exercise which brings personnel from the Indian Army, Navy, and Air Force alongside the SDF.
2. US To Release 172M Barrels from Strategic Oil Reserves
Why in news? The U.S. Department of Energy on March 11, 2026, announced that the department will release 172 million barrerls of oil from the Strategic Petroleum Reserve, beginning next week. This is a part of the broader move agreed upon by the 32-nation International Energy Agency (IEA) to release 400 million barrels of oil in a bid to reduce oil prices.
3. Trump Announces $300B Refinery Deal With India's Reliance Industries
Why in news? On 10 March, 2026, U.S. President Donald Trump announced a historic $300 billion partnership with India's Reliance Industries and America First Refining for the construction of the first new major refinery in the US in 50 years. The 168,000 barrels-per-day (bpd) refinery will be built at the port of Brownsville and will offset $300 billion in the trade deficit with India.
4. India Exports First GI-Tagged Joha Rice To European Markets
Why in news? The Agricultural and Processed Food Products Export Development Authority (APEDA) on 12 March facilitated the export consignemt of 25 metric tonnes (MT) of Assam's Geographical Indication (GI)-tagged Joha rice to the United Kingdom (UK) and Italy for the first time. Assam's Joha rice is an indigenous aromatic rice variety which received GI status in 2017. It has been previously exported to Vietnam and five West Asian countries namely Kuwait, Bahrain, Oman, Saudi Arabia, and Qatar.
5. US gives 30-days waiver on Russian oil purchase amid the Iran war
Why in news? The Trump administration issued a 30-day waiver for countries to buy Russian oil and petroleum products currently stranded at sea. The announcement comes days following the U.S. Treasury previously issuing a 30-day waiver on March 5 specifically for India. About 30 million barrels of Russian oil has been secured by Indian oil refiners since the US waiver.
World Current Affairs This Week: US Tariffs, India-Canada Deal, and Raisina Dialogue
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