Iran’s blockade of the Strait of Hormuz following a joint US-Israel strike on February 28 has disrupted global oil and gas supplies, pushing Brent crude prices above 100 dollars per barrel from around 65 dollars before the conflict. In response, many nations have begun releasing oil from their strategic reserves to stabilize markets and avoid deeper economic shocks.

On March 11, the International Energy Agency (IEA) announced that its 32 member countries would release 400 million barrels of oil from emergency reserves, marking the largest coordinated release in the agency’s history. The IEA’s members collectively hold over 1.2 billion barrels of government reserves, with an additional 600 million barrels in private storage. China, though not an IEA member, also maintains significant reserves.

Major reserve holders include the United States with 415 million barrels, Japan with 470 million, and the United Kingdom with 68 million barrels of crude and refined products. European Union members such as Germany, France, Spain, and Italy have also committed to releasing portions of their reserves to mitigate supply disruptions caused by the Hormuz closure.

The United States stock market recorded a notable rise after President Donald Trump announced the suspension of a planned attack on an Iranian power plant. Following the decision, oil prices declined, bringing relief to investors. According to Al Jazeera, all three major US stock indexes closed more than one percent higher, marking a strong rebound after last week’s losses.

Trump stated that the United States had held ‘productive talks’ with Tehran, though Iran denied this claim. The announcement and subsequent drop in oil prices—over ten percent—helped Wall Street achieve its biggest single-day gain since February 6. The market’s positive reaction reflected renewed investor confidence amid easing geopolitical tensions.

Despite the market optimism, the situation between the United States and Iran remains uncertain, as both sides continue to offer differing accounts of their discussions.

Pakistan’s Prime Minister Shehbaz Sharif on Monday announced a ban on the use of high-octane fuel in all government vehicles as part of stricter austerity measures. The decision follows a recent increase in the high-octane surcharge by 200 rupees per liter. The Prime Minister’s Office stated that officials using high-octane fuel in violation of the order will face action and may have to bear the cost personally. The government expects the move to save about 90 billion rupees monthly, which will be redirected to public welfare.

The decision comes amid a global fuel shortage and price surge triggered by attacks in Iran involving Israel and the United States. Pakistan’s government said the measure aims to conserve energy and ease pressure on the national economy. The surcharge hike applies only to luxury vehicles, while prices for public transport and aviation fuel remain unchanged.

This step continues a series of energy-saving measures introduced two weeks earlier, including fuel price adjustments, a 50 percent cut in fuel allowances for government vehicles, a four-day workweek, and partial remote work for civil servants, excluding essential services.

The Bangladesh government has confirmed that the country currently holds sufficient fuel reserves to meet national demand for the next 20 to 22 days without new imports. Energy Minister Iqbal Hasan Mahmud Tuku stated that there is no shortage of diesel, petrol, or octane, and that additional shipments are arriving regularly. The Bangladesh Petroleum Corporation reported 136,000 metric tons of refined fuel and about 100,000 tons of crude oil in storage, ensuring uninterrupted supply.

Authorities have identified attempts by certain groups to create an artificial fuel crisis for personal gain. Intelligence agencies, including the DGFI and NSI, have reported that some petrol pump owners and transport operators are diverting fuel to the black market. The government has warned that any manipulation or rumor-spreading about fuel shortages will face strict action.

Law enforcement agencies have been instructed to remain on high alert and prepare for coordinated operations against those responsible. Citizens have been urged not to believe or spread misinformation on social media and to rely only on official government updates.

The Bangladesh Petroleum Dealers, Distributors, Agents and Petrol Pump Owners Association has called for assistance from police and local administration to keep petrol pumps operational amid rising consumer pressure and reduced fuel supply. The appeal was made on Monday, March 23, by the association’s convener Syed Sajjadul Karim Kabul, citing safety concerns due to growing crowds and incidents of vandalism at filling stations.

According to the association, the global situation surrounding Iran has disrupted fuel supply from depots, with fears of further temporary shortages. Despite high demand, supply has become inconsistent, leading to public unrest at fuel stations across the country. The association advised pump operators to ensure their own safety and continue operations with local law enforcement support.

A separate letter from the Rajshahi Divisional Petrol Pump Owners Association highlighted mismatches between fuel allocations and tank lorry capacities at several depots, including Baghabari. It requested that allocations be adjusted to match lorry capacities to protect pump owners’ interests and maintain stable distribution.

Indian Prime Minister Narendra Modi told the Lok Sabha on Monday that the country’s gas and energy situation has become alarming due to the ongoing conflict in Central Asia. He described the regional war, now lasting more than three weeks, as a severe global crisis affecting economies and lives worldwide. Modi said the conflict has created unexpected economic, national security, and humanitarian challenges for India.

The Prime Minister expressed concern over disruptions to free navigation in the Strait of Hormuz, a key route for energy shipments. He reported that India currently holds 5.3 million metric tons of petroleum reserves and aims to raise this to 6.5 million metric tons. India maintains import links with 41 countries to address the energy shortage. Modi added that domestic LPG production is being increased, with priority given to household consumers, as about 60 percent of LPG is imported.

Modi also said he has held two rounds of talks with West Asian leaders, who assured the safety of Indians in the region. Since the war began, 375,000 Indians have returned home safely, including 1,000 from Iran, among them over 700 medical students.

Global oil prices fell sharply on Monday after U.S. President Donald Trump announced a five-day suspension of planned strikes on Iranian power plants. Reuters reported that oil prices dropped more than 13 percent immediately following the announcement. Brent crude futures fell to around $104 per barrel, down about 7 percent, and at one point declined as much as 15 percent to $96. U.S. West Texas Intermediate (WTI) crude dropped nearly 8 percent to around $90, briefly touching just above $85.

Trump had earlier warned that the United States would attack Iran’s power facilities if Tehran did not fully reopen the Strait of Hormuz within 48 hours. Before the deadline expired, he announced the suspension. In response, Iran’s Revolutionary Guards warned they would strike Israeli power plants and U.S. energy supply bases in the Gulf if attacked. Earlier in the day, oil prices had been rising, with Brent above $113 and WTI near $101.

The International Energy Agency (IEA) cautioned that the Middle East crisis could surpass the severity of the 1970s oil shock or the Russia-Ukraine war’s impact. It decided to release 400 million barrels from strategic reserves to stabilize supply and said further releases could follow if needed.

Nasiruddin Patwari, chief coordinator of the National Citizen Party (NCP), said on Monday, March 23, that he could not obtain fuel despite standing in line for four hours. He shared this experience in a verified Facebook post, highlighting the growing difficulty ordinary citizens face in purchasing fuel amid the ongoing shortage.

On Sunday night, March 22, the Bangladesh Petrol Pump Owners Association warned that petrol stations across the country might shut down at any time due to the fuel crisis. The shortage follows global supply concerns triggered by conflict in the Middle East, which has raised fears of disruptions in energy imports. As panic buying increased, the government imposed limits on the sale of petrol, octane, and diesel starting March 6 to stabilize supply.

The situation underscores the strain on Bangladesh’s fuel distribution system and the growing public frustration as the crisis deepens.

On Monday, oil prices in Asia rose sharply while major stock markets suffered steep declines, driven by escalating conflict between the United States, Israel, and Iran. Brent crude climbed more than one percent to exceed 113.40 dollars per barrel. Japan’s Nikkei index fell 3.5 percent, and South Korea’s Kospi dropped 6.5 percent, reflecting investor anxiety over regional instability.

The turmoil followed warnings from Donald Trump on Saturday that he would destroy Iran’s power plants if the Strait of Hormuz was not reopened. Iran responded that any such attack would trigger retaliatory strikes on key regional infrastructure. Energy consultancy Wood Mackenzie’s chairman and chief analyst Simon Flowers told the BBC that markets were watching closely to see whether these threats would be carried out.

Flowers added that a US strike on Iranian infrastructure would intensify the war further, prompting possible Iranian counterattacks similar to those seen in recent weeks. The heightened uncertainty has left energy and financial markets on edge across Asia.

Indian authorities have arrested Sumit Kumar, a 36-year-old employee of the Indian Air Force, on charges of spying for Pakistan. The arrest took place at an Air Force base in Assam following a joint operation by Rajasthan intelligence and Air Force intelligence units. Officials said Kumar admitted to passing sensitive and classified information to Pakistan, including details about aircraft, missile systems, and personnel.

According to Additional Director General of Police (Intelligence) Praful Kumar, the investigation began in January when another suspect was detained in Jaisalmer. Evidence from that case led to Kumar, who worked as a multi-tasking staff member at the Chabua Air Force Station in Dibrugarh, Assam. Police allege that Kumar had been in contact with Pakistani intelligence agents since 2023 and shared information in exchange for money.

Authorities are continuing to question Kumar to determine the full extent of the data breach and identify any additional individuals involved in the espionage network.

Bangladesh’s Minister of Power, Energy and Mineral Resources, Iqbal Hasan Mahmud Tuku, announced that the country’s fuel supply remains normal. Speaking at a press conference at his residence on Monday, March 23, 2026, the minister said fuel imports have increased by 25 percent compared to last year. He urged citizens not to panic and to purchase fuel as needed, assuring that everyone will have access to supplies.

Tuku explained that temporary supply pressure occurred because distribution was halted for two days during the Eid holidays. He added that the government continues importing fuel with subsidies to maintain stability. Meanwhile, State Minister for Road Transport and Railways, Habibur Rashid Habib, stated that security will be provided at fuel stations if necessary and that the government successfully prevented attempts to raise prices amid the perceived shortage.

Officials said the earlier concerns about fuel scarcity before Eid have been resolved, and the situation is now under control.

At least 81 people have died in Kenya this March following continuous heavy rains that triggered flash floods across large parts of the country, authorities said on Sunday. The worst-hit areas include the capital Nairobi, where 37 deaths were reported. Thousands of families have been displaced, and extensive damage to infrastructure and property has been recorded. In Kisumu County, entire villages were submerged, destroying about 1,200 hectares of farmland. In Nyakach, over 3,000 families lost their homes, and residents sought refuge in eight overcrowded shelters.

Local reports described residents wading through knee-deep water and using boats to evacuate. Rising water levels near the Nairobi Dam prompted evacuation warnings amid fears of a possible breach, though the dam remained intact. Police confirmed that 2,690 families were displaced nationwide. Landslides in western Kenya also caused fatalities and buried several homes. Critics have called for Nairobi Governor Johnson Sakaja’s resignation, citing unfulfilled promises to improve drainage and road infrastructure.

Meteorological forecasts predict continued rainfall until Tuesday, and authorities have urged extreme caution. Scientists cited in the report link the intensifying weather patterns to human-induced climate change, which has increased both heavy rainfall and droughts in East Africa over the past two decades.

A severe fuel shortage has gripped Nilphamari district, leaving most petrol pumps without supply and forcing drivers and residents into long queues. Only a few stations have limited fuel, with customers restricted to small purchases. Despite the government ending rationing, most pump owners continue to sell under rationing rules. Meanwhile, petrol and octane are being sold at inflated prices in local markets, reaching up to Tk 300 per litre, far above the official rates of Tk 116 and Tk 120.

Motorists and farmers are among the worst affected. Drivers report waiting for hours without success, while farmers face difficulties irrigating their fields during the peak cultivation season. Pump owners say their stocks have run out due to inadequate supply and remain uncertain when normal distribution will resume.

Local authorities have warned of immediate action against illegal hoarding or overpricing. Officials from the Consumer Rights Protection Directorate confirmed that selling fuel above the government-fixed price is illegal, as the crisis continues to disrupt daily life across the district.

International Energy Agency (IEA) Executive Director Fatih Birol has warned that the current global energy crisis poses a greater threat than the oil shocks of the 1970s and the disruptions caused by the 2022 Ukraine war. Speaking at the National Press Club in Canberra on March 23, 2026, Birol said the world economy is facing a major threat as the situation combines two major oil crises and one gas crisis. He urged for a coordinated global response to mitigate the impact, warning that no country would remain unaffected if the crisis continues.

Birol revealed that at least 40 key energy facilities in the Middle East have been severely damaged due to ongoing conflict in the region. To stabilize the situation, the IEA has begun discussions with Asian and European countries about releasing emergency oil reserves. Earlier this month, IEA member states announced a record release of 400 million barrels of oil to curb soaring global prices.

He emphasized that restoring regular supply through the Strait of Hormuz is essential for energy security and confirmed the agency’s readiness to release additional reserves if necessary.

A nationwide fuel shortage has disrupted operations at filling stations across Bangladesh, leading to unrest among customers. The Bangladesh Petroleum Dealers, Distributors, Agents and Petrol Pump Owners Association issued a warning on March 23, 2026, urging station owners to ensure staff safety and maintain order. The association said fuel supply would normalize once banks reopen after the Eid holidays, allowing payment orders to resume.

According to the association, the disruption stems from global supply constraints linked to the Iran war, which has limited fuel availability from depots. The situation has caused long queues and incidents of vandalism and assaults on station staff in several areas. The association’s convener, Syed Sajjadul Karim Kabul, signed a letter advising owners to seek police assistance or take personal safety measures if necessary.

The letter also noted that despite the government lifting fuel rationing on March 15, supply has not yet stabilized. Normal distribution is expected to resume once banking operations restart on Tuesday after the holiday period.