With nearly three weeks having passed since the start of the Israel-Iran War on 28 February 2026, global energy prices have been surging. Iraq and several Gulf countries declared force majeure on all oil and gas contracts amid the Strait of Hormuz crisis.
March 2026 saw surging crude oil prices and an acute LPG shortage rippling through the Indian economy in the aftermath of the geopolitical tensions in West Asia. The US-Israel-Iran war has exposed India's vulnerability and threatens India's 'goldilocks economy' combination. We will learn how in the article.
Last week also saw the Indian Navy participating in Exercise Sea Dragon 2026 among allied nations in the Indo-Pacific region. The two-week exercise is being held near Guam.
Further, the Kalinjar Fort area in Uttar Pradesh was officially designated as a Geo-Heritage Site by the Geological Survey of India (GSI). The third week of March 2026 also saw the Election Commission of India announce the schedule for Assembly elections for four states and one Union Territory on 15 March, with the Model Code of Conduct coming into immediate effect across all five regions following the announcement.
This article will explore the 5W1H (Who, What, Where, When, Why, and How) to break down the terms in news and to provide you key insights.
Current Affairs Terms in News This Week (15-21 March 2026)
1. Force Majeure
Why in news?
Iraq and several Gulf countries declared force majeure on all oil and gas contracts amid the Strait of Hormuz crisis.
What is it?
Force majeure in contracts allows companies or countries to pause its obligations when some extraordinary or unforseenable event like a war, natural disaster, or pandemic, make performing contractual obligations impossible.
Key Points
- The 'force majeure' term comes from French which means 'superior force'.
- Qatar, Kuwait, Bahrain, UAE, and Iraq have declared force majeure on energy exports citing shipping dangers and impact on operations amid the US-Israel-Iran war.
2. Goldilocks Economy
Why in news?
Amid the US-Israel-Iran war, economists cited concerns over India's GDP may take a hit. Three months ago during the central bank's December montary policy review, RBI Governor Sanjay Malhotra had said India's economy with inflation at a bening 2.2 per cent and growth at 8.0 per cent present a rare goldilock period.
What is it?
Goldilock economy refers to a situation where inflation number is unusually low and stable while growth relatively strong and balanced but not overheating.
Key Points
- India is among the world's largest importers of crude oil, meeting around 90 per cent of its needs through imports.
- About half of its crude and over three-fourth of LPG imports pass through the Strait of Hormuz.
- With Iran shutting down the Strait of Hormuz, oil prices have crossed $100 per barrel.
- The disruption and shortages in oil. LPG, LNG, and other imports can impact India's GDP growth, inflation, current account deficit, and fiscal deficit.
3. Indo-Pacific
Why in news?
The Indian Navy has deployed a P-8I long-range maritime patrol aircraft for participating in Exercise Sea Dragon 2026 among allied nations in the Indo-Pacific region. The two-week exercise is being held near Guam. Exercise Sea Dragon is a US-led multinational anti-submarine warfare exercise conducted in the Western Pacific Ocean near Guam.
What is it?
Indo-Pacific is a critical geopolitical and economic area on the world map. The region geopolitically covers all nations and islands surrounding either the Indian Ocean or the Pacific Ocean.
Key Points
- Indo-Pacific region spans from the eastern coast of Africa to the western coast of the Americasa and from the Arctic to the Antarctic.
- Indo-Pacific region comprises major economies such as the U.S., China, India, and Japan.
- The German geopolitician Karl Haushofer first used the term 'Indo-Pacific' in the 1920s.
- Some of the key initiatives in the Indo-Pacific region include QUAD, Indo-Pacific Oceans Initiative, Indo-Pacific Economic Framework, among many.
- Exercise Sea Dragon 2026 includes armed forces from the U.S. Navy, the Indian Navy, the Royal Australian Air Force, the Japan Maritime Self-Defence Force, and the Royal New Zealand Air Force.
4. Geo-Heritage Site
Why in news?
On 16 March 2026, the Geological Survey of India (GSI) officially designated the Kalinjar Fort hill area in Banda, Uttar Pradesh as a new National Geo-Heritage Site. The site is notable for the 'Eparchaean Unconformity', where 2.5-billion-year-old granite is covered by 1.2-billion-year-old sandstone.
What is it?
Geo-Heritage Site are sites that feature rare and unique geological processes. These sites usually contain unique rocks, minerals, fossils, or landforms that record Earth's history.
Key Points
- Geo-Heritage sites offer evidence of tectonic activity, climate changes, and biological evolution.
- The Kalinjar Fort hill area presents an Eparchaean Unconformity which helps to understand the erosional gap in the geological record of over 800 million years.
- It features ancient Archean-age Bundelkhand granite covered by Proterozoic-age Kaimur sandstone.
5. Model Code of Conduct
Why in news?
The Election Commission of India announce the schedule for Assembly elections for four states and one Union Territory (Assam, Kerala, Tamil Nadu, West Bengal, and Puducherry) on 15 March, with the Model Code of Conduct coming into immediate effect across all five regions following the announcement.
What is it?
Model Mode of Conduct is a set of guidelines issued by the Election Commission of India for guiding political parties and candidates to ensure free, fair, and peaceful elections. It is enforced under Article 324 of the Constitution, allowing the Commission to oversee free and fair elections.
Key Points
- It comes into immediate effect upon the announcement of the election schedule and remains active until the completion of the electoral process.
- Once the Model Mode of Conduct is enforced, governments cannot announce new schemes, financial grants, or new projects while ministers and officials cannot use official vehicles, public venues, or personnel for political campaigning.
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