UPSC Daily Current Affairs Quiz : 03 March 2026

Answer: (b) 1 and 3 only

Explanation:

• Statement 1 – Correct: Oil prices rose more than 8% amid fears of supply disruption, hovering near $80 per barrel. West Asia accounts for a significant share of global crude exports; hence, conflict leads to price volatility.
• Statement 2 – Incorrect: The U.S. Pentagon stated that the three American F-15E jets were brought down due to “friendly fire” by Kuwait, not as hostile targets. Kuwait did not claim hostile intent.
• Statement 3 – Correct: Iran accused Israel and the U.S. of attacking its Natanz nuclear facility, a key uranium enrichment site.

Answer: (a) 1 and 3 only

Explanation:

• Statement 1 – Correct: Russia’s share fell to 19.3%, dropping below 20% for the first time since May 2022.
• Statement 2 – Incorrect: While Saudi Arabia’s share increased to 17.5%, it did not overtake all others as the single largest supplier; Iraq and Russia remained major suppliers.
• Statement 3 – Correct: The U.S. share rose to 6.8%, up from 5% the previous year.

Answer: (a) 1 and 2 only

Explanation:

• Statement 1 – Correct: The Strait of Hormuz connects the Persian Gulf to the Gulf of Oman and the Arabian Sea.
• Statement 2 – Correct: Nearly 20% of global petroleum liquids consumption passes through this narrow chokepoint.
• Statement 3 – Incorrect: The Strait is bordered by Iran (north) and Oman (south). It is not entirely within Iran’s territorial waters.

Answer: (d) 1, 2, 3 and 4

Explanation:

• Higher oil prices increase import bills → CAD widens.
• Fuel price rise leads to cost-push inflation.
• Higher dollar demand for oil imports leads to rupee depreciation pressure.
• The government may increase fuel subsidies to control retail inflation.

Answer: (b) 

Explanation: Ras Tanura, operated by Saudi Aramco, is among the world’s largest oil export hubs. Any attack or disruption impacts global oil prices, directly affecting oil-importing countries like India. It is not an Indian investment, nor is it linked to nuclear fuel or IMEC infrastructure.