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
Oil price at two-year high after Qatar warns all Gulf production could stop within days
Oil prices have risen to their highest level in more than two years, after Qatar's energy minister warned he expects all oil and gas exporters in the Gulf to stop production within days.
Saad al-Kaabi told the Financial Times the conflict in the Middle East - a region which plays a key role in global energy supplies and shipping routes - could "bring down the economies of the world".
Brent crude oil rose more than 9% on Friday, topping $93 a barrel - the highest level since autumn 2023.
Rising oil prices can have wide-reaching effects, not only on how much it costs to fill up your vehicle but also on the cost of some heating, food and imported goods.
There are warnings that if the price of oil and gas - which has also surged this week - remain high, this could fuel inflation in major world economies such as the UK and US, where it has been on a broadly downward trend.
Kaabi said oil could hit $150 a barrel if the Iran conflict continues over the coming weeks.
He told the FT: "If this war continues for a few weeks, GDP growth around the world will be impacted.
Everybody's energy price is going to go higher. There will be shortages of some products and there will be a chain reaction of factories that can't supply.
Already consumers in the UK are seeing higher petrol and diesel prices. On Friday the RAC said petrol at UK pumps had increased by 3.7p, and diesel by 6p - reaching a 16-month high - since Saturday.
The Competition and Markets Authority, the UK's competition watchdog, says it is "closely monitoring" how petrol station prices develop.
Household energy bills could also rise, although this probably won't be felt until July as regulator Ofgem's energy price cap has already been set until then.
There have been fears the current crisis could have a similar impact to Russia's invasion of Ukraine, but so far rises in the prices of oil and gas remain below the peaks experienced in 2022.
Asked about the energy minister's warnings, Jorge Leon, analyst at Rystad Energy, told the BBC the situation poses a "real risk to the global economy".
"I think we're on the edge of trying to understand if this is a very short energy crisis with limited implications, or if we're at the beginning of a massive economic and energy crisis," he said.
If this lasts for more than two weeks, then the likelihood of seeing very significant implications for the energy system and the global macroeconomic outlook are much higher.
Qatar is a major producer and exporter of oil and liquefied natural gas (LNG).
This week QatarEnergy said it had stopped production of LNG following "military attacks" on its facilities.
It declared "force majeure" - a clause freeing it from liability for failure to supply due to events outside its control - and Kaabi said he believed all other energy exporters would have to follow suit in the next few days if the war continues.
Kaabi, who is also chief executive of QatarEnergy, said even if the war stopped now, it would take "weeks to months" to resume normal output.
About a fifth of the world's oil supply is usually shipped through the Strait of Hormuz each day. But traffic through the narrow passage has all but halted since the US-Israel war with Iran began last weekend.
Blocking the strait could make goods and services more expensive globally, and hit some of the world's biggest economies, including China, India and Japan, which are among the top importers of crude oil passing through the waterway.
The UAE and Saudi Arabia both have pipelines enabling them to transport oil without using the strait.
But analysts have warned that the longer there are threats to ships passing through the strait, the higher the price of oil - and the shipping of it - will be.
Rystad Energy's Leon said if countries in the Gulf cannot export oil they will need to store it, and, when this storage runs out, stop production. They have between days and a few weeks of reaching that point, depending on how much storage they have.
Oil prices exceeding $100 a barrel is a "realistic scenario", but the important thing is how long they stay at that level, he said.
Governments across the world at that point would likely release their oil reserves, as happened after the full-scale invasion of Ukraine by Russia.
Lindsay James, investment strategist at Quilter, said a prolonged halt to all oil and gas production in the Gulf was an "extreme scenario".
Market moves suggest investors expect disruption to traffic through the Strait of Hormuz will be resolved quickly, she said, but added that the risk grows every day that the conflict will be more prolonged than first thought.
"For households, the pressure will be felt primarily in energy prices, rather than a broad inflation shock," she said.
"UK food inflation, for example, is unlikely to be significantly affected because much of the food imported into the UK does not rely on Gulf shipping routes.
The bigger economic risk comes from persistently higher energy costs, which can weigh heavily on growth.
Source: BBC
Related Posts: Production rise in non‑Gulf areas unlikely to offset oil disruption Oil price rises further after new Iran threat to Gulf shipping US soon to issue general license for oil production in Venezuela Iraq cuts crude oil production as blocked Strait of Hormuz fills up storage Indian mariner killed after oil tanker on Gulf of Oman hit by bomb via drone boat Oil prices extend gains after Iran makes new threat to Gulf shipping Gulf crisis pushes India back to Russian oil after Trump's sanctions Iran seizes oil tanker in Gulf of Oman Oil tanker with 15 Indians on board hit off Oman as Gulf conflict intensifies Trump says US Navy to escort oil tankers in Gulf
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
