Today’s Daily Current Affairs is compiled from trusted sources including The Hindu current affairs, Indian Express current affairs, and PIB current affairs in a structured, exam-oriented format to help UPSC aspirants prepare effectively for Prelims and Mains.
India and Canada Sign 10-Year Uranium Supply Agreement
Why in News
- India and Canada on March 2, 2026, agreed to a $1.9 billion, 10-year uranium supply deal to support Indian nuclear reactors. The announcement came during a bilateral meeting between Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney in New Delhi.
- The talks also focused on concluding the Comprehensive Economic Partnership Agreement (CEPA) this year and strengthening strategic ties between the two countries.
Key Agreements and Initiatives
- Uranium Supply Deal:
- Canada’s Cameco will supply approximately 10,000 tonnes of uranium to India from 2027 to 2035.
- Deal value: $1.9 billion.
- Builds on a previous 2015–2020 agreement, which supplied 2,700 tonnes for $262 million.
- Comprehensive Economic Partnership Agreement (CEPA):
- Terms of Reference (ToR) signed to guide negotiations.
- Target: Double bilateral trade to $50 billion by 2030.
- Strategic Energy Partnership:
- Collaboration in renewable energy, LPG, and uranium supply.
- Technology and Education Cooperation:
- MoUs signed for critical and emerging technologies, education, and culture.
- Canada agreed to join India-led International Solar Alliance (ISA) and Global Biofuel Alliance.
Significance
- The uranium deal ensures long-term nuclear fuel security for India.
- CEPA negotiations aim to boost trade and investment, enhancing economic partnership.
- Strengthened energy, technology, and counterterrorism cooperation reflects a reset in bilateral strategic trust between India and Canada.
Oil and Gas Prices Surge Amid Rising West Asia Tensions
Why in News
- Global oil and gas prices continued to climb sharply as tensions escalated in West Asia between the U.S. and Israel on one side and Iran on the other. The spike follows Tehran’s call to close the Strait of Hormuz on February 28, 2026, after the death of Iran’s Supreme Leader Ayatollah Ali Khamenei.
- The Strait of Hormuz is a critical chokepoint, handling nearly 20% of global crude oil shipments, making any disruption a major threat to international energy markets.
Impact on Oil Prices
- Brent Crude (May futures): Rose more than 8.6% to $79.18 per barrel, intraday briefly reaching $81.5.
- WTI Crude: Up 8.15% to $72.51 per barrel.
- Analysts expected upward pressure due to supply disruption risks in the Strait of Hormuz.
Regional Supply Risks
- Iranian Attacks: Tehran launched strikes on oil and gas infrastructure in Saudi Arabia and Qatar.
- Saudi Arabia: “Limited fire” reported at Aramco’s Ras Tanura refinery.
- Qatar: QatarEnergy halted LNG production at Ras Laffan Industrial City and Mesaieed Industrial City. Qatar produces 77 million tonnes of LNG annually, making it the largest global producer.
Global Implications
- Asia: India and China face high exposure to crude, LPG, and LNG supply disruptions, as they are major buyers of oil transiting the Strait of Hormuz.
- Europe: The halt in Qatari LNG significantly affects Europe, which replaced much of its Russian gas supply with LNG from Qatar.
- Natural Gas Prices:
- Dutch TTF Futures (April contract): Jumped 47.4% to €47.1/MWh.
- U.S. Henry Hub Natural Gas: Increased 6.23% to $3.037, partially insulated due to domestic production.
Significance
- Escalating geopolitical tensions in West Asia are directly impacting global energy markets.
- Key importers like India, China, and Europe face heightened energy security risks.
- Market volatility is likely to persist until the Strait of Hormuz and regional energy infrastructure stabilize.
Durand Line
Why in News
- Pakistan and Afghanistan have engaged in intense military clashes for the second time in six months, signaling a major rupture across political, military, and societal ties along the Durand Line. The conflict is fueled by disputes over Tehrik-e-Taliban Pakistan (TTP) and a collapse of strategic trust, ending decades of Pakistan’s carefully cultivated relationship with the Taliban.
- The clashes saw Pakistan launching air and missile strikes deep inside Afghanistan, including Kabul and Kandahar, while the Taliban targeted Pakistani military posts across the border. Civilian and military casualties have been high, despite ceasefire attempts mediated by Turkiye and Qatar after previous clashes in October 2025.
What is Durand line
- The Durand Line is the border between Pakistan and Afghanistan, established in 1893.
- It was named after Sir Mortimer Durand, a British diplomat who negotiated the agreement with Afghan Emir Abdur Rahman Khan.
- The line stretches approximately 2,640 kilometers (1,640 miles) from the Hindu Kush mountains in the north to the Arabian Sea in the south.
- It divides the Pashtun tribal areas, leaving many Pashtuns on both sides of the border.
- Afghanistan has never fully recognized the Durand Line as an official international border.
- The border has been a source of tension, cross-border militancy, and disputes between Pakistan and Afghanistan.
- It plays a strategic role in regional security, trade, and military operations.
Tea Exports Hit by West Asia Situation
Why in News
- India’s tea exports are being affected due to the ongoing conflict in West Asia.
- Export shipments are stranded at Indian ports or destination ports because of disrupted shipping corridors.
- The conflict poses risks to the tea export sector, which heavily depends on West Asian markets.
Impact on Exports
- Approximately 45–50% of India’s total tea exports go to West Asian countries.
- Key export volumes in 2024: Iraq (52.59 million kg), UAE (52.71 million kg), Iran (11.25 million kg), Saudi Arabia (7.94 million kg).
- Closure of the Strait of Hormuz will directly affect exports to these countries.
Challenges for Exporters
- Increased freight charges and rising insurance premiums.
- Extended transit times, raising transaction costs.
- Instability of trade routes, causing delays and supply chain strain.
Sector Concerns
- Tea exports to UAE and Saudi Arabia have been rising in recent years.
- Some exports also reach Kazakhstan, Kyrgyzstan, Uzbekistan, Iraq, and other countries via UAE and Saudi Arabia.
- Business losses, cargo stuck at ports, and damage in various countries are currently difficult to quantify.