Global oil supplies are facing mounting pressure as the Middle East crisis continues to intensify, with disruptions rippling across several regions and the heat has reached Pakistan. In a bid to soften the hit, Pakistan PM Shehbaz Sharif has rolled out measures, running from cutting government spending and work from home guidelines, aimed towards saving fuel amid the ongoing supply disruptions due to the Iran war. Addressing the country, Sharif said that the measures were discussed during a meeting with federal and provincial authorities, adding that the government had been forced to take “difficult decisions” in light of the situation.

Conserving fuel

Among the key steps, the government will cut the fuel allowance for official vehicles by 50% for the next two months. Operational vehicles such as ambulances and public buses have been exempted from the reduction. Additionally, 60% of government vehicles across federal and provincial departments will be grounded during the same period, The Dawn reported.

Salary

Members of the federal and provincial cabinets will also forgo their salaries and allowances for two months. Lawmakers at both federal and provincial levels will see their salaries reduced by 25% during this time. Sharif further announced that BS-20 government officials earning more than Rs300,000 would give up two days’ salary, which he said would be used for the people. However, officials working in the health and education sectors have been exempted from this measure.

Reducing government spending

Pakistan’s government will also cut non-employee related expenditure by 20% during the fourth quarter across all federal and provincial establishments. In addition, government departments will not be allowed to purchase vehicles, furniture, air conditioners or other items until June 2026. Foreign travel by ministers, advisers and government officials has also been restricted. Such visits will only be permitted if they are “essential for the country’s interests”.

Workplace going online

Government offices, according to The Dawn, would shift towards teleconferencing and online meetings to save fuel. Official dinners and Iftar parties have been banned, while seminars and conferences will now be organised at government premises instead of hotels to reduce expenses. Changes have also been announced in the working structure of the public sector. Sharif said that, except for essential services, half of the workforce would work from home. Public sector offices will operate only four days a week, though the arrangement will not apply to the banking sector.

Online classes and holidays

The education sector will also be affected by the measures. All higher educational institutions will conduct online classes from March 16 to March 31. Meanwhile, schools will observe a two-week break beginning March 16.Sharif said the relevant instructions had already been issued to provincial governments for implementation.He also issued a warning to oil profiteers and hoarders, saying they should not attempt to exploit the situation. “Otherwise, the law will come into effect and action will be taken,” he said.Meanwhile, Pakistan’s finance minister Muhammad Aurangzeb cautioned that soaring crude prices could push the country’s oil import bill to around $600 million a month. His warning comes as global crude prices continue to swing amid escalating situation, crossing the $100 mark on Monday.With fuel costs climbing, Pakistan is also seeking relief on the petroleum levy from the International Monetary Fund, Petroleum minister Ali Pervaiz Malik confirmed.

As tensions in West Asia escalate, some cities are beginning to see disruptions in the supply of commercial LPG cylinders used by restaurants, hotels and food businesses. Industry bodies say the impact is already being felt in cities such as Bengaluru, Mumbai and Chennai, where eateries rely heavily on commercial cooking gas for daily operations. Authorities have prioritised domestic LPG supplies for households to ensure that cooking gas remains available for residential consumers. However, this has tightened availability for commercial establishments in some areas. Amid disruptions to imported gas supplies due to the widening West Asia conflict, the government has revised the priority order for allocating domestically produced natural gas. Under the new arrangement, LPG production, along with CNG and piped cooking gas, has been placed at the top of the priority list and their requirements will be fully met first, according to a gazette notification cited by PTI.The government has formed a panel of three Executive Directors (EDs) of Oil Marketing Companies (OMCs) to examine requests for LPG supply from restaurants, hotels and other industries.

Karnataka

Karnataka deputy CM and State Congress President, DK Shivakumar, on Tuesday said that the state’s “entire hotel and commercial industry has been affected.” Hotel and restaurant operations in Bengaluru are likely to face disruption from March 10 after the supply of commercial gas cylinders came to a sudden halt, the Bangalore Hotels Association said on Monday. The association noted that the stoppage, linked to rising energy costs and supply constraints caused by the West Asia conflict, could force hotels to shut operations. “Since the gas supply has stopped, the hotels will be closed from tomorrow,” it said in a release, cited by PTI.It added that the hotel industry, considered an essential service, caters to common people, students and medical professionals who depend on hotels for daily meals, and the disruption could affect them until gas supplies return to normal. PC Rao, honorary president of the association, had earlier said, “Only about 10% of hotels and restaurants in Bengaluru received their LPG supply today. We have gas to keep our kitchens running only until Tuesday afternoon or evening.”

Maharashtra

Mumbai is already seeing the impact. LPG dealers said that the disruption has already begun affecting the availability of cooking gas. Consumers who booked refills are now facing delays ranging between two and eight days. Furthermore, they added that the supply of commercial cylinders used by hotels and restaurants has been completely halted and eateries could enter crisis mode. LPG dealers further added that hotels and other commercial establishments may be forced to buy domestic cylinders from the black market. “This is illegal as well as dangerous,” they cautioned.Pune municipal commissioner Naval Kishor Ram had also told ANI earlier that while all 27 crematoriums in the city were operational, the 18 facilities that depend on Liquefied Petroleum Gas (LPG) will be temporarily shut due to a “break” in supply, in order to prevent a shortage. Ram said, “Crematorium systems have not been disturbed, or there are no breaks in this… We have around 27 crematoriums in the city, with all the facilities. LPG is used in 18 of them… Due to the break in the supply, we are discouraging the use of commercial LPG in these 18 places to prevent the shortage. But we do have other facilities.”

West Bengal

The ongoing conflict is also raising concerns over potential disruptions for restaurants and bakeries in Kolkata. Establishments that depend on LPG scrambled to explore alternative options on Monday after the Union Ministry of Petroleum and Natural Gas suspended the distribution of non-domestic LPG cylinders. Sources within the hospitality and food sectors cautioned that operations could soon be affected if the supply of commercial LPG continues to remain suspended.In response, the government has stepped in with a series of measures to manage the crisis, prioritising domestic cooking gas supplies for households over other sectors to ensure that daily life for citizens remains largely unaffected.

What government said?

What triggered the sudden LPG shortage?

India’s annual LPG consumption stands at about 31.3 million tonnes, with the bulk, nearly 87%, used in household kitchens, while the remaining share goes to commercial users such as hotels and restaurants. A large portion of the country’s requirement, around 62%, is fulfilled through imports. However, the recent US and Israel attack on Iran and the disruption to the oil supplies flowing through Strait of Hormuz, a critical route for India’s LPG supplies, has raised concerns. Nearly 85–90% of the country’s LPG imports from nations such as Saudi Arabia pass through this corridor. Now, as the conflict intensifies, India is considering alternative sources for fuel imports, turning to regions like Russia and West Africa.

Russian President Vladimir Putin on Monday (local time) warned that the US-Israeli war on Iran has pushed global energy markets into crisis, saying oil flows linked to the Strait of Hormuz could face a complete halt in the coming weeks. He also said Russia remains open to restoring long-term energy cooperation with European nations if they signal interest in rebuilding ties.Speaking during a televised meeting with senior government officials and executives from Russia’s major oil and gas companies, Putin said that the situation in the Middle East had begun disrupting global supplies, sending oil prices sharply higher and threatening wider economic consequences.

Oil prices climbed past $100 per barrel a day earlier, reaching their highest levels since 2022. The surge follows the effective closure of the Strait of Hormuz due to the war involving Iran. The narrow waterway is responsible for transporting roughly one-fifth of the world’s oil and liquefied natural gas supplies.Putin said Moscow had long cautioned that instability in the Middle East could trigger serious disruption in global energy markets, warning that such a scenario now appeared to be unfolding.“Oil production ‌dependent on ⁠the Strait of Hormuz risks halting completely within the next month. It has already begun to decline, and storage facilities in the region are filling with oil that cannot be transported…is extremely difficult to transport, or is extremely expensive to transport,” Putin said, as cited by Reuters.He further added that Russia, which is the world’s second-largest oil exporter and holds the biggest natural gas reserves, could benefit from the current market conditions. The Russian President further urged Moscow’s energy companies to be prepared to take advantage of the developments. Commenting on oil prices, Putin said that the spike may prove temporary. Oil and gas revenues account for about a quarter of Russia’s federal budget income.Putin also said Russia would be willing to rebuild energy ties with European countries if they signalled interest in restoring long-term cooperation.“We’re ready to work with Europeans too. But we ⁠need some signals from them that they’re ready and willing to work with us and will ensure this sustainability and stability,” Putin said.European nations have significantly reduced their dependence on Russian oil and gas since Moscow launched its war in Ukraine. Over the past four years, Western governments, including the European Union and the G7, imposed sanctions and moved to cut reliance on Russian energy supplies.The shift has been costly for Moscow. Europe had previously been one of Russia’s most profitable markets, and the loss of that demand has forced Russian producers to sell oil and gas to Asian buyers at heavy discounts.Last week, Putin instructed the Russian government to examine the possibility of diverting the remaining energy flows away from Europe ahead of the European Union’s plan to completely ban Russian fossil fuel imports.Before the Ukraine war, more than 40% of Europe’s gas imports came from Russia. By 2025, however, Russian pipeline gas and liquefied natural gas together accounted for only 13% of the European Union’s total imports.Meanwhile, the Group of Seven (G7) countries said on Monday that they were prepared to take “necessary measures” to deal with rising global oil prices, although they stopped short of announcing the release of emergency reserves.

Hyundai has launched the 2026 Verna in India with updates to both the exterior and interior. The car features a dual LED projector headlamp setup and a black chrome radiator grille at the front. At the rear, the bumper design has been modified, and an aerodynamic spoiler is present. Alloy wheels are R16 diamond-cut design. Interior updates include dual 10.25-inch integrated displays for the infotainment system and digital cluster.The 2026 Hyundai Verna provides a combination of engine options, transmissions, interior layouts, exterior updates, and safety and technology features. The specifications reflect the available choices across variants, engines, and transmissions without additional commentary or evaluation.Check out the complete specifications below, covering everything in detail from the engine to safety features.

Hyundai Verna Facelift: Exterior design, colour variants, and interior features

The car comes with dual LED projector headlamps and a black chrome radiator grille. The rear features a modified bumper design and an aerodynamic spoiler. R16 diamond-cut alloys are standard. LED tail lamps and connected LED positioning lamps are part of the package. Satin chrome is used for the window belt line and outside door handles. New colour options include Titan Grey Matte and Classy Blue. Inside, the Verna has leatherette seat upholstery. The steering wheel is a D-cut design. The gear knob is leatherette-wrapped. A sliding front centre armrest with storage is included.Turbo variants come with metal pedals. Smart key with push-button start is standard. The cabin has dual 10.25-inch integrated displays, one for infotainment and the other for the digital cluster.

New 2026 Hyundai Verna: Engine and transmission options

The 2026 Verna offers two petrol engines.

Transmission options include a 6-speed manual, iVT, and a 7-speed DCT, depending on engine and variant. The model is available in six variants.

Safety and driver protection features

Safety features include seven airbags and all four disc brakes. Electronic parking brake with auto hold is standard. Front park assist sensors and rain-sensing wipers are included. Tyre pressure monitoring system (TPMS) is provided in Highline variants. ISOFIX child seat mounts, hill-start assist control, headlamp escort function, seatbelt reminders for all seats, and emergency stop signal are included. Electronic stability control with vehicle stability management is part of the system.

Technology and driver assistance features

The Verna includes a three-year Bluelink subscription with over 70 connected features. Surround-view monitor (SVM) and blind-spot view monitor (BVM) are available. Wireless Apple CarPlay and Android Auto are supported. The system supports multiple languages for both cluster and infotainment. Voice commands cover more than 350 functions. Ambient sounds of nature are also part of the features.The car has Forward Collision-Avoidance Assist for vehicles, pedestrians, cycles, and junction turns. Forward Collision Warning, Rear Cross-Traffic Collision-Avoidance Assist and more.

US military has released a video showing a strike on a concelaed Iranian missile launcher. The footage was posted on social media by United States Central Command (CENTCOM). The video shows a missile launcher hidden under a bridge-like structure before being targeted in the strike.CENTCOM shared the video with a caption saying: “The Iranian regime can try to hide their missile launchers, but US forces won’t stop looking. When we find them, we’re taking them out.”The strike comes during the ongoing Iran war, which began on February 28 after joint airstrikes by the United States and Israel targeted Iranian military sites, leadership and infrastructure.

Iran Unleashes Missiles Across Middle East, US Bases Hit As Regional War Threat Rapidly Grows

The attacks killed Iran’s Supreme Leader Ali Khamenei along with several senior officials. The strikes were followed by retaliatory attacks on US assets in the Middle East and on residential areas in countries including the United Arab Emirates, Saudi Arabia and Bahrain. After Khamenei’s death, his son Mojtaba Khamenei was chosen as his successor.US President Donald Trump said on Monday that the war against Iran could be short-lived, but he did not rule out the possibility that it could escalate further. “I think the war is very complete, pretty much,” the president said, speaking from his golf club in Doral, Florida, according to CBS News. “(Iran has) no navy, no communications, they’ve got no air force. Their missiles are down to a scatter. Their drones are being blown up all over the place, including their manufacturing of drones.”In response to Trump’s remarks, a spokesperson for Iran’s paramilitary Islamic Revolutionary Guard Corps said Iran, not Trump, would decide when the conflict ends. “Iran will determine when the war ends,” he said, according to Iranian state media.The war has also disrupted global energy supplies, reducing major oil and gas shipments to world markets and pushing fuel prices higher world over.

Stock market today: Nifty50 and BSE Sensex opened in green on Tuesday after a major selloff on Monday amidst US-Iran war and oil price uncertainty. While Nifty50 went above 24,150, BSE Sensex was up over 580 points. At 9:16 AM, Nifty50 was trading at24,186.90, up 159 points or 0.66%. BSE Sensex was at 78,144.57, up 588 points or 0.76%.Experts say that over the next few sessions developments in West Asia and their potential impact on global energy supplies and oil prices will be in focus, as uncertainty over the scale and duration of the conflict is likely to keep sentiment cautious in the near term.In the United States, Wall Street recovered from an early slump and ended Monday’s session in positive territory, staging a late rally after US President Donald Trump indicated that the US-Israeli war against Iran might be approaching its conclusion.Asian markets also rebounded following Monday’s decline, while crude oil prices retreated as Trump signalled that the conflict with Iran could be nearing an end, providing investors with temporary relief from the recent wave of selling.Oil prices slipped on Tuesday after climbing to their highest level in more than three years in the previous session. The decline came after Trump suggested that the Middle East war could conclude soon, easing fears of prolonged disruptions to global crude supplies.Gold prices, meanwhile, remained largely stable on Tuesday as investors adopted a wait-and-watch approach amid persistent geopolitical tensions.Foreign portfolio investors continued to pare exposure to Indian equities, selling shares worth Rs 6,345 crore on Monday. Domestic institutional investors provided some support by purchasing equities valued at Rs 9,014 crore during the same session.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)

US President Donald Trump on Monday dialed his Russian counterpart Vladimir Putin to discuss the conflicts in Iran and Ukraine.According to a report by the Russia Today, Kremlin aide Yury Ushakov told journalists that the American president initiated the call to discuss the latest international developments.Meanwhile, Trump said that Putin wants to be helpful in the ongoing conflict in the Middle East.“I had a very good call with President Putin. We had a lot of people on the line, from our side, from his side. We were talking about Ukraine which is a never-ending fight,” Trump said.“There is tremendous hatred between President Putin and President Zelenskyy. But I think it was positive call on that subject. We obviously talked about the Middle East and he wants to be helpful,” he added.Putin and Trump spoke for about an hour. The conversation between the two focused on the Iran conflict and trilateral talks between Washington, Moscow and Kyiv aimed at settling the Ukraine conflict.“Tonight, a phone call of the Russian and US presidents has taken place. The conversation was businesslike, open and constructive, which is usually the case in dialogue between the Russian and US leaders.”As per Ushakov, Trump reaffirmed the commitment of the US to seeing a long-term settlement between Russia and Ukraine in the wake of the prolonged conflict. Ushakov added that Putin thanked Trump for his administration’s continued mediation efforts, according to Ushakov.Putin shared his thoughts on the Middle East crisi and told Trump about his conversations last week with Iranian President Masoud Pezeshkian and leaders from the Gulf countries. The last time the two presidents held a phone call was in December. The White House described it as “positive” at the time. Earlier on Monday, Russian President Vladimir Putin extended greetings to Mojtaba Khamenei following his appointment as Iran’s new supreme leader, as per RT News.Futher, he pledged Russia’s unwavering support for Iran amid the ongoing conflict involving the US-Israeli alliance with Iran.“At time when Iran is confronting armed aggression. I am confident that you will honourably continue the cause of your father and rally the Iranian people. I wish to reaffirm our unwavering support for Tehran,” Putin was cited as saying by RT News.Russia Today further reported that Putin warned that continued conflict in West Asia could seriously disrupt global oil and gas flows, leading to a halt in Gulf oil production and a “new… price reality,” he told a government meeting.The developments follow amid heightened tensions in West Asia as military operations and retaliatory actions involving Iran, the United States and Israel continue to escalate across the region, following the killing of Iran’s Supreme Leader, 86-year-old Ayatollah Ali Khamenei, in joint military strikes by the US and Israel on February 28.The strikes also killed several senior leaders of the Islamic Republic.

Morgan Stanley maintained an overweight rating on Reliance Industries with a target price of Rs 1,803. Analysts said tight global markets are keeping refining margins higher. The company can process heavy and sour crude which is supportive for the stock. The company also has a diversified crude sourcing process among global refiners which also supports the stock. Analysts also said that the chemical cycle was in a recovery phase. Its access to the US ethane and internal naphtha is supportive for the stock. They expect a 6-8% uplift for FY27 earnings.Kotak Institutional Equities has an upgrade rating on Interglobe Aviation with the target price at Rs 5,500. Analysts noted the large exposure of airlines to crude prices and jet fuel spreads, limiting ability to forecast cost structures and take a call on the price elasticity of near-term demand. However, they said that what investors should be more mindful of is fast-growing losses of Indigo’s peers. Aggregate investments of this subset are meaningful, requiring better-than Indigo’s peak post-Covid pre-tax operational profitability to achieve high-single-digit post-tax returns. Airlines are better understood as a play on consumer spending, with consumers eventually paying for inflation over time and airlines benefiting from bouts of deflation.UBS has a neutral rating on AU Small Finance Bank with the target price at Rs 1,100. Analysts said that the RBI has eased promoter holding norms for transition to a universal bank. The bank has to submit its universal banking license application soon. This is a slight positive for the lender as it eases the path for transition to a universal bank.HSBC maintained its buy rating on Ambuja Cements with the target price at Rs 670. Analysts said Sanghi Industries’ cost reduction is a positive for the company. The cement major’s focus on utilisation and return on investment (ROI) versus capacity addition is an encouraging sign. Sanghi visit highlights a large, high quality limestone reserve base and growth optionality at the company’s assets. Analysts also liked the management’s commentary on utilising the existing asset base and improving ROI before further expansions. They also liked the margin expansion story at an attractive valuation.Motilal Oswal Securities maintained its buy rating on Nippon India AMC with a revised target price of Rs 1,040, from Rs 1,060 earlier. Analysts said that the fund house is the fastest-growing AMC with steady SIP flows and ETF dominance. The performance of its funds remained stable over the last few months. Its alternatives (AIF Platform) is building a scalable, margin-accretive adjacency. Although there would be some regulatory impact on yields, the company sees gradual compression and it has mitigation levers in place. Analysts also feel that the ongoing business diversification and prudent cost management are expected to mitigate yield compression impact and support valuation resilience.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)

The International Cricket Council has responded to allegations of bias after travel complications following the ICC Men’s T20 World Cup sparked a major controversy involving several teams.Although the tournament concluded on Sunday with India national cricket team defeating New Zealand national cricket team in a one-sided final at Narendra Modi Stadium in Ahmedabad, some participating teams have remained stuck in India due to ongoing airspace restrictions linked to the conflict in the Middle East and West Asia.Among those affected are the West Indies national cricket team and the South Africa national cricket team. The West Indies played their final match of the tournament on March 1 but are still in India, while South Africa have also been unable to leave after their semi-final defeat to New Zealand on March 4.In contrast, the England national cricket team returned home shortly after losing their semi-final to India on March 5. The difference in travel timelines has triggered criticism, with many questioning how England managed to depart while other teams remained stuck.One of the most outspoken voices has been former England captain Michael Vaughan, who accused the ICC of favouring certain teams.“All teams in this situation should be treated the same. Just because you are more powerful at the ICC table shouldn’t count,” he said.

According to a report by BBC, the ICC has strongly denied any suggestion of preferential treatment and clarified that logistical factors alone determined when teams could leave.“Decisions on departure sequencing are being driven solely by airspace availability, aircraft routing permissions, visa requirements and operational safety considerations.“Any suggestion that teams have been prioritised based on anything other than these constraints is incorrect,” BBC quoted an ICC spokesperson.The situation had already drawn attention earlier when West Indies head coach Daren Sammy expressed his frustration on X. In one post he wrote, “I just wanna go home”, before sharing additional messages reflecting the team’s growing impatience.Subsequent reports indicated that arrangements had been made for a chartered flight to take the Caribbean side home, with the team expected to depart later today. South Africa’s squad is also likely to leave India today.The ICC also explained why England were able to travel earlier than the other teams.“For instance, the England team and their staff were able to fly out from Mumbai without restriction due to the route’s airspace being unaffected and flights operating as usual.“The ICC categorically refutes any claims of bias in this or other instances, and has been fully accommodating of specific demands and conditions put forth by teams,” it said.