International RelationsEconomy
News 0 of 32

Strait of Hormuz Closed: 90% India LNG Imports Hit, Rupee Hits 93.49 Low, Semaglutide Patent Expires March 2026

Target:UPSC GS-IIMPSCTeachingPrelims HighMains Medium
24 Mar 2026
~2 min
Source: The Hindu
Key Data:90% of LNG imports via Strait of Hormuz10 Indian vessels strandedSemaglutide patent expiry March 20, 2026Rupee low: 93.49 (March 20, 2026)400 killed in Kabul airstrike
Bodies:Supreme National Security Council (Iran)Novo NordiskEli LilyJP Morgan
Practice MCQs from today's news ▸
What This Article Covers

1.The Iran-U.S. war has effectively closed the Strait of Hormuz, stranding 24 vessels including 10 Indian-flagged ones carrying 2.15 lakh MT LNG, 3.21 lakh MT LPG, and 16.76 lakh MT crude oil bound for India.

2.The patent for Semaglutide (used in Ozempic/Wegovy) expired on March 20, 2026, allowing Indian pharma companies to launch cheaper generics, potentially reducing costs from ₹11,000 to around ₹1,500.

3.The rupee hit an all-time intra-day low of 93.49 against the US dollar on March 20, 2026, driven by FII outflows, a strong dollar, and elevated crude oil prices amid the West Asia conflict.

The Big Picture
Prelims · HighMains · Medium

Geopolitical conflict in West Asia directly impacts India's energy security with the Strait of Hormuz closure affecting 90% of LNG imports, while domestic economic pressures push the rupee to a historic low of 93.49 against the dollar. Concurrently, a major pharmaceutical patent expiry promises significant drug price reductions for diabetes and weight loss treatments.

Exam Lens

Quick Exam Facts From News

Indian Vessels Stranded10 out of 24 total
India's LNG via Strait90% of imports
Semaglutide Patent ExpiryMarch 20, 2026
Rupee Intra-day Low93.49 (March 20, 2026)
Kabul Airstrike Casualties400 killed, 250 injured (March 16-17, 2026)

1-Minute Revision

  • ›Indian Vessels Stranded: 10 out of 24 total
  • ›India's LNG via Strait: 90% of imports
  • ›Target this Data: 90% of India's LNG imports pass through the Strait of Hormuz.
  • ›Target this Nodal Body: Iran's Supreme National Security Council (whose Secretary, Ali Larijani, was assassinated).
  • ›Target this Date: Semaglutide patent expired on March 20, 2026.

Mastered this topic? Test your knowledge with a full MCQ quiz.

Practice exam-style questions, track your score, and strengthen your recall.

Q1Static LinkageEasy

The news mentions the assassination of Ali Larijani, who was the Secretary of which Iranian body?

Q2Statement-basedHard

Consider the following statements regarding the news:

1. Approximately 90% of India's crude oil imports pass through the Strait of Hormuz.

2. The patent for Semaglutide, used in weight loss drug Wegovy, expired in March 2026.

3. The Indian rupee closed at 93.49 against the US dollar on March 20, 2026.

Which of the statements given above is/are correct?

Q3Data-centricMedium

According to the news, what was the death toll from the Pakistani airstrike on the Omid Drug Addiction Treatment Hospital in Kabul in March 2026?

Q4Application/ImpactMedium

What is a primary implication of the Semaglutide patent expiry mentioned in the news?

All 25 MCQs ▸
You finished this topic
Explore Related Topics
Related Current Affairs
Economy Current Affairs

US Share in India's LPG Imports Surges to 53% as West Asia War Disrupts Strait of Hormuz

The West Asia war has disrupted LPG supplies through the Strait of Hormuz, forcing India to pivot to US imports which now account for 53% of India's LPG imports. This shift highlights India's vulnerability in energy security and the strategic importance of the Strait of Hormuz for exam aspirants.

Intl. Relations Current Affairs

Iran Lists 7 Tough Demands for Reopening Strait of Hormuz; US Talks Ongoing

Iran has set sweeping new conditions for reopening the Strait of Hormuz, including lifting US sanctions, paying war reparations, and withdrawing troops. The standoff, which has shut one of the world's busiest oil routes, is causing a global energy shock. Talks with Oman and the US continue, but no agreement has been announced.

Intl. Relations Current Affairs

US-Iran Talks on Strait of Hormuz Reopening: Oman-Backed Interim Deal Near, India's Energy Security at Stake

US President Trump claims an interim deal with Iran to reopen the Strait of Hormuz is imminent, with Oman and Qatar mediating. Any disruption here directly impacts India's crude oil imports and global energy prices, making this a key IR and energy security topic for exams.

Intl. Relations Current Affairs

Iran President Pezeshkian to Attend 18th BRICS Summit in India; Bilateral Talks on Chabahar and Strait of Hormuz

Iran President Masoud Pezeshkian will visit India for the 18th BRICS Summit (Sept 12-13, 2026), marking his first visit since the Iran-US conflict. Key agenda includes bilateral talks on Chabahar port development and safety of Indian seafarers in the Strait of Hormuz. This is crucial for India's energy security and West Asia diplomacy.

Economy Current Affairs

Strait of Hormuz Crisis: Oil Flows Drop 77% to 4.9 mb/d, Brent at $90, Risk of $100+

The disruption of the Strait of Hormuz – a critical chokepoint for 21 million barrels/day – is causing global oil supply risks. India, as a major importer, faces higher delivered costs and inflationary pressures. This is crucial for understanding India's energy security, import dependence, and macroeconomic vulnerabilities.

Economy Current Affairs

Russia Accounts for 51% of India's Oil Imports in July 2026; US House Passes 100% Tariff Bill

India's reliance on Russian oil hit a record high of 51% in July 2026, even as the US House passed a bill to impose 100% tariffs on countries importing Russian oil. This poses a strategic dilemma for India's energy security and foreign policy.

Economy Current Affairs

US Sanctioning Act: 100% Tariff on India's Russian Oil Imports

The U.S. has enacted the Lindsey O. Graham Sanctioning Russia and Iran Act, 2026, which imposes a 100% tariff on goods from countries that continue to import Russian oil. India, a top importer, faces a strategic dilemma between its energy security needs and potential trade losses.

Intl. Relations Current Affairs

Gulf States Seek China's Help to Reopen Strait of Hormuz Amid US-Iran War; Oil Imports Down 40%

Gulf Arab states, frustrated by the US-led war with Iran blocking the Strait of Hormuz and Red Sea, are turning to China to use its economic leverage over Tehran. This shift highlights America's declining influence and China's strategic role as the world's largest oil buyer.