Global Refinery Attacks Spike Sulphur Prices Above $1,000/Tonne; Threatens India's Phosphatic Fertiliser Supply

Kerch Strait Tensions Risk Global Food Crisis as Russia-Ukraine Supply 25% of Wheat

The escalation of strikes on Black Sea ports, Kerch Strait, and Sea of Azov threatens to disrupt grain exports from Russia and Ukraine, reviving global food crisis fears similar to March 2022. With both countries accounting for over a quarter of world wheat exports and 60% of sunflower oil, the paralysis of maritime trade could spill over into food supply shortages, especially when compounded by West Asia war and extreme weather events.

US Diesel Export Ban Proposal: Global Supply Crisis & Impact on India's Net Exporter Status

A US proposal to restrict diesel exports, supported by President Trump, threatens to remove the single largest source (20%) of globally traded diesel from the market. For India, a net diesel exporter, this could mean higher export margins for refineries like RIL, though higher export taxes and domestic demand will limit gains.

India Becomes Key Petrol Supplier to Russia as Drone Attacks Cut Refinery Output by 70%

India has emerged as a key supplier of petrol to Russia, supplying 1 million barrels in two months, as Ukrainian drone attacks have slashed Russian refinery output by up to 70%. This ironic reversal of energy flows highlights the geopolitical complexities of the Russia-Ukraine war and has direct implications for India's energy security, crude import strategy, and compliance with sanctions regimes.

India's LPG Imports from US Hit 67% as West Asia Supply Falls 85% Amid Hormuz Crisis

India's LPG imports from the US have surged to 67% of total, a massive shift from the earlier 10% target. This diversification comes as imports from West Asia dropped 85% between February and June 2026, highlighting the strategic importance of reducing reliance on the Strait of Hormuz. For UPSC/Banking students, this is a key case study in energy security, geopolitical risk, and trade diversification.

RCF Secures 17 Lakh Tonnes Urea at $390-393/tonne for Rabi Season: Prices Drop 60%

India has secured 1.7 million tonnes of urea at sharply lower prices (~$390/tonne) via RCF tender, easing concerns for rabi season. The drop reflects easing West Asia energy crisis and surplus Chinese supply. This move improves India's fertilizer availability after high prices earlier in 2026.

PM Modi at SCO Summit: West Asia Crisis Threatens Global Energy, Trade, Supply Chains

PM Modi at the SCO Summit in Bishkek warned that the West Asia crisis (US-Israeli attacks on Iran) shows regional conflicts have global repercussions on energy, trade, and supply chains, disproportionately affecting the Global South. He emphasized dialogue and diplomacy over war, and called for unified action against terrorism without double standards. The summit also addressed connectivity, people-to-people ties, and India's SCO vision.

EU CBAM: Carbon Border Tax on Steel Imports to Cost India €190/Tonne from Feb 2027

The EU has implemented the Carbon Border Adjustment Mechanism (CBAM), a carbon tax on imports of steel, aluminium, cement, fertilisers, hydrogen, and electricity. For India, this is primarily a steel tax—$5.4 billion of its $6.3 billion CBAM-exposed exports to the EU in 2024 were iron and steel. With Indian steel emitting 2.54 tonnes of CO2 per tonne (vs. world avg. 1.9), the tax could cut exports by 24%, and BRICS has formally opposed it as protectionist in the New Delhi Declaration.

India Negotiating FTAs with 8-9 Blocs, Targets 75% Global Trade Coverage

India is actively negotiating free trade agreements (FTAs) with 8-9 more countries/blocs, aiming to cover 75% of global trade. This strategic push, announced by Commerce Minister Piyush Goyal in Tokyo, positions India as a trusted partner in global value chains and opens up a combined GDP of $70 trillion for preferential market access.