The ET GenAI Hackathon 2026 has announced the results of its Idea Submission phase, with the shortlist finalised after evaluating entries from more than 54,000 builders across India. Shortlisted teams now advance to the Prototype Development Phase
The fast-expanding war between the United States, Israel, and Iran has captured global attention largely because it is disrupting oil and gas supplies from the Persian Gulf. Yet another resource is now emerging as far more critical to the survival of the region’s societies. Water
Indian technology stocks have seen an unprecedented rout over the past few weeks over fears of artificial intelligence upending the traditional outsourcing model that powers the country's $300bn (£223bn) back-office industry. The sell-off - part of a global correction in traditional software and
The ruling Bharatiya Janata Party-led National Democratic Alliance (NDA) on Monday managed an easy victory in the biennial polls to five Rajya Sabha seats in Bihar, with its candidates including Chief Minister Nitish Kumar and BJP national president Nitin Nabin
Star Brazilian forward Neymar didn’t receive a call-up to the national team squad for the upcoming friendlies against France and Croatia, although striker Endrick found a spot. With this snub, Neymar’s hopes of playing at the upcoming FIFA World Cup have received a massive blow
If one wants to explore the many debates and controversies surrounding the Congress and its role in shaping India’s political trajectory, there may soon be a new address in the capital to turn to. At 3, Safdarjung Lane, the official residence of Nishikant Dubey — the Bharatiya Janata Party MP
Chelsea have been handed a Premier League record fine of £10.75m and a suspended transfer ban. It was a result of the club making secret payments to unregistered agents and third-parties over transfers between 2011 and 2018. But it could have been a lot worse
Iran’s National Security Chief Ali Larijani on Monday penned a note to Muslim countries, questioning their lack of support for Tehran as the US-Israeli war is now entering its third week with no clear end in sight, disrupting global energy supplies and raising fears of a spike in global inflation
Gulf war must end to avert deeper energy crisis
Global energy markets face severe disruption. The Strait of Hormuz closure and attacks on oil and gas facilities have halted vital supplies. LNG prices have more than doubled. Crude oil prices are soaring. Reserves offer limited relief. This situation threatens a major oil price shock. An undersea pipeline offers a potential long-term solution.
Global oil and LNG supplies are disrupted following the closure of the Strait of Hormuz, which carries nearly 20% of the world’s crude oil and the same proportion of LNG supplies. The risk to LNG supplies is greater. In the case of crude oil, Saudi Arabia and the UAE have pipelines to skirt the Hormuz, though their capacity is limited. LNG transport at scale has to be by sea.
The shipping problem is compounded by damage to oil and gas installations. Saudi Aramco’s largest refinery at Ras Tanura was hit. Qatar stopped LNG production after an attack on its Ras Laffan plant. This removed 20% of global LNG supply from the international market and led to more than doubling of spot prices for Asian LNG. The effect is reinforced by the fact that LNG supplied by Qatar and the UAE is linked to the price of oil.
There is no other source that can compensate for the loss of oil and gas supplies on this scale. The Indian crude oil basket has reached $127.22 per barrel. The release of 400 million barrels of crude from reserves by IEA, and 172 million barrels by the US, has not moderated the price hike. These reserves will take weeks or months to reach the market, while the loss of Persian Gulf supplies is immediate. We may be witnessing the beginning of the third oil price shock.
How long the disruption will continue depends on how long the war lasts. US President Donald Trump on March 9 said it will end “pretty quickly.” However, the US defence secretary announced an intensification of the bombing campaign, and a spokesman of Iran’s IRGC said it will not allow “a litre of oil” to pass through Hormuz and that the price of oil will hit $200 per barrel. Iran’s new supreme leader Mojtaba Khamenei has also said the strait will remain closed.
The US bombing of Iran’s Kharg oil terminal is a dangerous escalation. IRGC has stepped up retaliation. 70% of India’s oil supplies come from routes outside the Hormuz Strait. In the case of LNG, out of India’s total gas consumption of about 189 mmscmd, 47.4 mmscmd or 25% has been affected. Supply of gas to industries has been cut; priority is being given to the city gas distribution and fertiliser sectors. If the Hormuz Strait remains closed, the pressure on limited supplies will increase. Unlike oil, LNG or gas storage facility is extremely limited.
The closure of the strait is not simply a result of Iranian attacks but is also linked to the withdrawal of insurance cover. Seven out of the 12 largest companies providing reinsurance have stopped giving war risk coverage in the Persian Gulf. This situation is qualitatively different from the crisis in the Red Sea following Houthi attacks on shipping a couple of years ago. At the time, insurance rates went up, but the war risk coverage was available. It will take time before insurance companies resume operations in the Persian Gulf area, and further time lag before the rates are normalised. In the Red Sea area, this has still not happened.
Surface transport is always exposed to geopolitical risks. An undersea pipeline from West Asia to India can avoid the complications caused by the Strait of Hormuz closure. There is a proposal for an undersea, Middle East to India Deepwater Pipeline (MEIDP), which can carry 31 mmscmd per day of gas from Oman or the UAE to Gujarat. Technical and financial feasibility have been certified by reputed companies. The project will cost around $ 5-6 billion. This will not replace LNG but provide a useful supplement in case such a crisis recurs.
According to financial feasibility report by SBI Cap, the tariff will be around $2 per mmbtu cheaper than LNG. LNG requires converting gas to liquid at the shipment point and re-gasification at the destination. Double conversion results in energy loss and increased costs. Transnational pipelines would require government support.
While two India-bound LPG carriers have been allowed to sail through Hormuz, the situation will remain volatile. In case of LNG, it is not simply a question of safe passage, but production itself has been affected. There is an urgent need to bring the war in the Gulf to an end, followed by negotiations on anuclear deal. The progress achieved in the Geneva talks between the US and Iran may be a starting point. But given the distrust, negotiations this time will have to be in a multilateral framework.
(The writer is former ambassador to Iran)
Add as a Reliable and Trusted News Source Add Now!
Source: EconomicTimes
Related Posts: Gulf crisis pushes India back to Russian oil after Trump's sanctions International airfares soar as Gulf crisis disrupts flights Israelis are facing the blowback as Netanyahu plunges Israel deeper into crisis Trump, Schumer move towards deal to avert US government shutdown, NYT says Dodgers' task to avert sweep How Iran war laid bare the world's reliance on Gulf oil and gas GCCs brace for near-term hit as war clouds gather over Gulf biz "War in Iran must end now" US jets tracked circling Gulf of Venezuela as tensions mount Gulf stocks fall
Nagaon MP Pradyut Bordoloi expressed strong displeasure over Dr. Asif Nazar being considered for the Lahorighat Assembly ticket, citing Nazar's alleged association with an individual charged in an attack on Bordoloi. Bordoloi wrote to AICC General Secretary Jitendra Singh
5 hours ago
A sessions court in Gujarat’s Gir Somnath district on Monday convicted five persons and acquitted 35 others in connection with a 2016 case in which seven Dalits were assaulted in the town of Una, The Indian Express reported. Additional Sessions Judge Jignesh Pandya of the court in Veraval
5 hours ago
It's Hollywood's biggest night. The 98th Academy Awards featured emotional speeches, comical relief and a bevy of backstage fun. But it was perhaps a night to forget for Timothée Chalamet. As well as losing out to Michael B Jordan for best actor and One Battle After Another for best picture
5 hours ago
US President Donald Trump on Monday said more than 30 mine laying ships of Iran have been destroyed which has affected Tehran’s capacity to threaten commercial shipping in the Strait of Hormuz. “We are hammering their capacity to threaten commercial shipping in the Strait of Hormuz with more
5 hours ago
Love Horoscope Today for March 17, 2026: A spontaneous moment could lead to a meaningful connectionLove Horoscope Today, March 17, 2026: Find daily astrological predictions for all sun signs. Published on: Mar 17, 2026 7:28 AM IST By Neeraj Dhankher Share via Copy link Aries: Mars is pushing you to
5 hours ago
Dubai arrests Iranian drone strike survivors after they sent explosion photos to loved ones3 foreigner nationals who survived drone strike in Dubai have been arrested after sending photos of the explosions to family members. Updated on: Mar 16
5 hours ago
‘Firms need to move to adaptive, energy-efficient AI models’Sarah Hooker is convinced that the future lies in AI systems that use less computing power, cost less to run and can adapt to the needs of users. Published on: Mar 17, 2026 6:58 AM IST By Shweta Taneja Share via Copy link In the last
5 hours ago
Baghdad witnessed a significant drone and rocket attack on the U.S. embassy early Tuesday. This incident marks the most intense assault since the commencement of the U.S.-Israel war with Iran. Iraqi security forces have heightened their presence across the capital. The Green Zone
5 hours ago
Russell Wilson trade update: Chiefs hand a shock to Giants QB with Justin Fields move Published on: Mar 17, 2026 5:03 AM IST By Khushi Arora Share via Copy link New York Giants quarterback Russell Wilson (3) waves to fans after the game against the Dallas Cowboys (IMAGN IMAGES via Reuters Connect)
5 hours ago
![London [UK], March 17 (ANI): The Premier League has completed a disciplinary process with Chelsea FC in respect of historical breaches relating to Financial](http://newsorbit360.com/files/news/en/imgs/chelsea-fined-and-faces-supended-transfer-ban-by-premier-league.webp?height=520)
London [UK], March 17 (ANI): The Premier League has completed a disciplinary process with Chelsea FC in respect of historical breaches relating to Financial Reporting and Third Party Investment.In 2022, Chelsea FC’s current owners voluntarily reported to the League that they had evidence of
5 hours ago
A Bengaluru-based cafe has drawn attention on social media after adding a 5 per cent “Gas Crisis Charge" to a customer’s lemonade order, sparking debate on social media platform X. The unusual fee, applied on a bill for two mint lemonades, has left many users amused and some questioning its
5 hours ago
Editorial independence is core to our work. Some links may earn us a commission, without influencing our opinions.Still using an older laptop? These Intel 13th Gen laptops show what modern performance feels likeIntel 13th Gen laptops bring improved performance
5 hours ago
US President Donald Trump said on Monday that he is planning to delay a high stakes visit to China later in March by about a month because of the Iran war. "We've requested that we delay it a month or so," he told reporters at the White House
5 hours ago
LDF ally ISJD, UDF ally RSP name candidates for four seats eachThe ISJD and RSP announced their candidates for Kerala Assembly polls, with ISJD's K Krishnankutty retiring from politics and RSP seeking assembly representation. Published on: Mar 17, 2026 7:30 AM IST By Vishnu Varma
5 hours ago
Horoscope Today, March 17, 2026: Operational strategies at work need refinementHoroscope Today: Read the astrological predictions for each zodiac sign based on an expert's guidance on March 17, 2026. Published on: Mar 17, 2026 7:19 AM IST By Dr Prem Kumar Sharma
5 hours ago
Viswanathan Anand has defended Cyprus as the host of the upcoming FIDE Candidates Tournament, saying the island nation offers a high-quality setting for one of chess’ most important events despite concerns over regional tensions. Cyprus has been in focus due to its proximity to the evolving Gulf
5 hours ago
A parliamentary panel has flagged the Ministry of Social Justice and Empowerment for surrendering nearly a quarter of funds sanctioned for Scheduled Caste welfare schemes. The committee found the ministry's inability to utilize allocated funds and its consistent budget scaling down at revised
5 hours ago
Fino Payments Bank clarifies the ongoing probe relates only to certain programme managers and merchants associated with multiple banks. Also Read :10 people dead after fire breaks out at Odisha’s Cuttack SCB Medical College; CM announces Rs 25 lakh ex-gratia assistanceFino Payments Bank clarifies
5 hours ago
When the daytime air feels like an oven and night brings no relief, people in Karachi, Pakistan, say the heat “goes straight to the head”. They mean more than dizziness or sweat. It’s the creeping panic of a body that cannot cool down: restless nights, frayed tempers, a household on edge
5 hours ago
Dozens of people are feared dead or injured at a drug treatment centre in Kabul, Afghanistan after an air strike that the Taliban government blamed on Pakistan. The hospital was hit on Monday evening, killing some people and injuring others, the government's spokesman said on X
5 hours ago
The report from Elara Capital said retail gasoline and diesel prices “could be fully protected through excise cuts until roughly $110/bbl, beyond which price hikes on diesel and gasoline would become inevitable”. Also Read :Fino Payments Bank Shares Fall To 52-Week Low Amid Probe Reports;
5 hours ago
Shocked Karan Johar reveals his 9-year-old son Yash's ‘business proposal’ as he wants to pay rent to him. WatchKaran Johar and his son Yash had a fun conversation as they discussed a business proposal. Watch their banter here. Mar 17, 2026, 06:00:58 IST By Ananya Das Share via Copy link
5 hours ago
Punjab Assembly session: House passes motion against LoP Bajwa over ‘band player’ remarkThe Punjab assembly condemned opposition leader Partap Singh Bajwa for alleged derogatory remarks about a minister, leading to chaos and a walkout by Congress. Published on: Mar 17
5 hours ago
More than a thousand citizens in Ladakh's Leh and Kargil regions rallied on Monday, echoing calls for statehood and adherence to the Sixth Schedule. Leaders from the Apex Body Leh alongside the Kargil Democratic Alliance expressed their discontent regarding the central government's stance
5 hours ago
Menstrual pain is often dismissed as an inevitable part of being a woman. But when cramps become debilitating, interfere with daily life or are accompanied by chronic pelvic discomfort, they may signal something more serious. One such condition is endometriosis – a long-term disorder affecting
5 hours ago
Khushbu Sundar comes out in support of Trisha amid her viral pics with Vijay: ‘She is one of the most dignified women’Khushbu Sundar has addressed the online chatter surrounding the public appearance of Vijay and Trisha Krishnan, after the divorce petition filed by Sangeeta. Mar 17, 2026
5 hours ago
Rex Culpepper's fiancee pays sweet tribute after tragic bike accident death: ‘I don’t regret' Published on: Mar 17, 2026 4:55 AM IST By Yash Nitish Bajaj Share via Copy link Former Syracuse quarterback Rex Culpepper died after an accident on Saturday (Instagram/Rex Culpepper) Rex Culpepper
5 hours ago
