Welcome to The morning report brought to you by Renil S Varghese — your quick dive into the top stories shaping the business world today. Fast, insightful, and to the point. Check out the top news for the day.
A US submarine strike on an Iranian warship off Sri Lanka widened the US–Iran war, worsening a five‑day shutdown of the Strait of Hormuz and halting major oil and gas flows. Over 200 ships remained stranded as Qatar suspended gas output and Iraq cut oil production. A Maltese container ship was damaged, while a rare tanker transit also took place. President Trump pledged insurance and naval escorts to stabilise energy supply. Oil prices eased after sharp gains, while Asian refiners scrambled for alternative cargoes as disruptions hit key facilities, including Saudi Arabia’s Ras Tanura.
2. India shows ‘renewed interest’ in buying more Russian crude: Deputy PM
Russia says India has shown renewed interest in buying more Russian crude as disruptions in the Strait of Hormuz tighten global energy supplies after US‑Israeli strikes on Iran. Deputy PM Alexander Novak said Moscow is receiving signals from India as the world’s most critical oil chokepoint faces prolonged restrictions. The crisis threatens supplies to major importers, including India, China and Japan. Novak also suggested the EU may reconsider limits on Russian energy. Russian media said Gulf infrastructure attacks could help Moscow reduce the steep discounts it offers Asian buyers, including India.
3. India may face acute cooking gas shortage amid Iran crisis: Here’s all you need to know
India faces a potential cooking gas crisis as LPG cargoes remain trapped in the Persian Gulf due to the war‑related shutdown of the Strait of Hormuz. India, which imports over 90% of its LPG from West Asia, may face shortages within weeks unless March shipments start moving soon. Alternative supplies from the US, Russia or Argentina would be limited and delayed. Current LPG stocks can last about 30 days. LNG supplies are already disrupted, with Petronet declaring force majeure on Qatari cargoes. While crude stocks are comfortable for now, a prolonged blockade may force rationing and lower refinery runs.
4. Markets hit by rising crude prices, supply concerns
Indian markets slumped on Wednesday as the US‑Israel‑Iran conflict under “Operation Epic Fury” sparked a global risk‑off wave. The Sensex fell 1,123 points to 79,116 after dropping nearly 1,800 points intraday, while the Nifty closed 385 points lower at 24,480. Foreign investors sold ₹8,753 crore even as domestic institutions bought heavily. India VIX jumped 23% to its highest level since May 2025 amid crude nearing $85. Broader indices saw deeper cuts, with metals, PSU banks and realty hit hardest, while IT was the only gainer. Global tremors were evident as South Korea’s KOSPI plunged nearly 12%.
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Published on March 5, 2026