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March 13, 2026 March 13, 2026 - Current affairs for all the Exams: Global Energy Crisis Intensifies as Iran Closes Strait of Hormuz; India Joins UNSC Resolution

The Middle East conflict has escalated into a global economic crisis following Iran’s closure of the Strait of Hormuz, sending oil prices above $100 per barrel. In a significant diplomatic shift, India has co-sponsored a UN Security Council resolution condemning the attacks, while a U.S. military aircraft crash in Iraq and the death of a French soldier further heighten regional tensions.

The geopolitical landscape faced a major upheaval in the last 24 hours as the conflict between Iran, Israel, and the United States entered a critical new phase. The most significant development is the official closure of the Strait of Hormuz by Iran’s new Supreme Leader, Mojtaba Khamenei. This strategic waterway, which facilitates the passage of approximately 20% of the world’s petroleum liquids, is now a focal point of a "chokehold" strategy that has sent Brent crude oil prices soaring past the $100-per-barrel mark.

Diplomatic and Military Escalations:

  • India’s Stance: In a notable move for its foreign policy, India has co-sponsored a United Nations Security Council (UNSC) resolution. The resolution condemns Iran’s "egregious" attacks on Gulf Cooperation Council (GCC) nations and Jordan, signaling India's concern over regional stability and energy security.

  • U.S. Aircraft Crash: A U.S. KC-135 refueling aircraft crashed in western Iraq on Thursday. While U.S. Central Command initially cited non-hostile causes, the Islamic Resistance in Iraq, an Iran-backed umbrella group, has claimed responsibility for downing the plane.

  • International Casualties: France confirmed its first military fatality of the conflict, with a soldier killed during a drone strike on a military base in Erbil, Iraq.

Economic and Global Impact:

The International Energy Agency (IEA) has ordered its largest-ever release of government oil reserves—roughly 400 million barrels—to counter the supply disruption. Simultaneously, the U.S. administration has temporarily suspended certain sanctions on Russian oil sales to help stabilize global markets. In the financial sector, major indices like the Dow Jones and S&P 500 closed sharply lower as investors reacted to the volatility in energy costs.

Other Significant Briefs:

  • T20 World Cup: Amidst the global tension, the sports world saw a major conclusion as India defeated New Zealand by 96 runs to win the 2026 Men’s T20 World Cup.

  • ICJ Intervention: Iceland and the Netherlands have announced their intention to intervene on the side of South Africa in the ongoing genocide case against Israel at the International Court of Justice.

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