Despite international crude oil prices falling to a four-month low, retail petrol and diesel prices in India are unlikely to be cut immediately because state-run refiners are still processing costlier crude purchased during the peak of the West Asia crisis, Oil Minister Hardeep Singh Puri said.
Following the death of Ayatollah Ali Khamenei, his son and successor, Mojtaba Khamenei, issued a "revenge list" featuring 13 world leaders, including Donald Trump and Benjamin Netanyahu, with a graphic depicting them as targets, amidst escalating regional hostilities and US reports of an Iranian assassination plot against Trump.
28 Indian vessels carrying 778 seafarers are stranded in the Persian Gulf, prompting government monitoring and coordination to ensure their safety and security.
Much will depend on how the protagonists use the current interlude to work proactively for the beginning of a durable settlement or, on the contrary, prepare for a new round of escalation, points out Ambassador M K Bhadrakumar.
The latest development comes as diplomatic efforts between Washington and Tehran continue despite renewed hostilities. CNN reported that US and Iranian officials are still working towards a nuclear agreement by mid-August, even as preparations for possible military action have continued in parallel.
The US and Iran have agreed on a roadmap aimed at reaching a final agreement within 60 days after hours-long talks at the Swiss resort of Burgenstock, mediators Qatar and Pakistan said on Monday, describing the progress as "encouraging."
The UN Security Council, with India's support, has adopted a resolution condemning Iran's attacks on Gulf Cooperation Council countries and Jordan, demanding an immediate cessation of hostilities and denouncing threats to the Strait of Hormuz.
Indian companies' overseas expansion plans are holding strong despite geopolitical tensions in West Asia, driven by structural factors like supply-chain diversification, free trade agreements, and market expansion, according to Ajay Sharma, managing director and head of banking at HSBC India.
Nissan Motor India aims to achieve a fourfold increase in domestic sales, targeting 100,000 units annually, and export another 100,000 vehicles from its Chennai plant by financial year 2027-28 (FY28), marking a significant revival of its presence in the Indian passenger vehicle market.
Amidst escalating tensions in West Asia, India strongly condemns the recent attacks on energy infrastructure, warning of further destabilisation to the already uncertain global energy market.
The ECB cancelled the England Lions vs Pakistan Shaheens match in Abu Dhabi and postponed the England Women's training camp after US and Israeli strikes on Iran triggered missile fire across the Gulf and airspace closures.
'We thought everything will be back to normal within one month. Now it's four months and still a final solution is miles away.'
Gwadar is viewed as a critical pearl in China's maritime strategy as it would give a permanent logistical footprint near an important choke point - the Strait of Hormuz and the oil rich Persian Gulf, explains Commodore Venugopal Menon (retd).
The reopening of the Strait of Hormuz, following a ceasefire agreement between the US and Iran, is expected to significantly ease India's crude oil supply risks, lower freight costs, and reduce inflationary pressures, as global oil prices have already dropped.
Iran has dismissed US President Donald Trump's assertion that Iran was responsible for a drone attack on Indian ships in the Strait of Hormuz as 'simply baseless'. The Iranian embassy stated that Trump's comments were an attempt to deflect attention from recent US military strikes on merchant vessels in the Gulf of Oman, which resulted in the deaths of three Indian mariners.
India has actively engaged in cultural diplomacy over the past 12 years, providing grant assistance and expertise for the restoration and conservation of significant heritage sites, including temples and archaeological complexes, across multiple Asian countries, reinforcing shared civilisational ties.
Two-time Olympic medallist PV Sindhu recounts a 'tense and scary' experience at Dubai International Airport after an explosion occurred nearby, amidst escalating tensions in the Gulf region.
The government will lift restrictions on the sale of petrol and diesel to commercial and industrial consumers from July 1, easing emergency measures imposed to manage fuel supplies.
Union Minister Pralhad Joshi assures that the Indian government is prepared to bring back Indians stranded in the Gulf region due to the Iran-Israel conflict and disruptions in Dubai, emphasizing citizen safety as the top priority.
The United States and Iran have reached an agreement in principle to immediately and permanently halt all military operations, lift sanctions, and work towards a comprehensive final agreement within 60 days, including a significant reconstruction package for Iran.
State-owned Bank of Baroda (BoB) has agreed to pay $600 million (about 5,700 crore) to settle litigation arising from the collapse of NMC Health, ending years of cross-border legal proceedings.
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'It's very important for India to retain its sovereignty. India should not sign any agreement which compromises its sovereignty.'
A Liquefied Natural Gas (LNG) carrier, chartered by an Indian firm, safely transited through the Strait of Hormuz -- the first Indian LNG tanker to cross the war-hit narrow shipping lane since the war in West Asia broke out more than three and a half months back.
India's remittance inflows have remained robust despite the West Asia conflict, driven by precautionary transfers and diversification of remittance sources, with bankers expecting continued stability for the year.
Trump further alleged that Iran was behind the attacks on three vessels carrying Indian seafarers near the Hormuz Strait, which resulted in the deaths of three, despite the US Central Command having confirmed that the strikes were carried out by American naval forces, calling the incident "totally unacceptable."
The broader conflict in West Asia, the largest international market for Indian carriers, has forced a sharp reduction in daily flights relative to the summer schedule.
India is navigating a complex diplomatic landscape, attempting to balance its 'forever honeymoon' with the Israel-UAE-Bahrain axis against its historical ties with Iran, as evidenced by recent high-level visits and evolving geopolitical realignments in the Middle East, observes Ambassador M K Bhadrakumar.
Akasa Air, despite facing headwinds from the West Asia conflict and rising aviation turbine fuel prices, expects to maintain a 30-40 per cent growth trajectory over the next five years and aims for an initial public offering (IPO) within two to four years, according to CFO Ankur Goel.
Global oil prices fell on Thursday to their lowest levels since before the outbreak of the Iran conflict, offering a significant economic tailwind for India, the world's third-largest crude importer, by easing inflation risks, reducing the import bill and improving the government's fiscal position.
Taylor Fritz continued his smooth progress at Wimbledon by mowing down fellow American Patrick Kypson 6-2, 6-2, 7-5 to make the third round on Thursday.
The United States military has intercepted and destroyed two Iranian attack drones that posed an immediate hazard to commercial shipping lanes in the Strait of Hormuz, according to an official statement by the US Central Command late Saturday.
India now ranks among the world's top three destinations for both AI and STEM talent, holding roughly a 6 per cent share of globally mobile AI talent and a 7 per cent share of STEM talent.
The International Cricket Council confirmed that stranded players from the South Africa national cricket team and West Indies cricket team have finally left India after Gulf airspace closures during the West Asia conflict disrupted travel following the ICC Men's T20 World Cup.
Prime Minister Narendra Modi will review the impact of the West Asia conflict on India's food, energy, and fuel security with senior cabinet ministers. The meeting follows previous discussions and concerns raised about global energy crises and supply chain disruptions.
India on Friday launched a highly coordinated, priority operation to safely guide 13 Indian-flagged commercial vessels out of the volatile Strait of Hormuz, the ministry of ports, shipping, and waterways announced on Friday.
The United States military and Kuwaiti air defence forces successfully intercepted multiple Iranian ballistic missile and drone attacks targeting Kuwait and Bahrain, with Iran's state broadcaster claiming American military installations in Kuwait were deliberately targeted.
'The real shock is going to be from a deficient monsoon.'
A recently finalised peace deal between the US and Iran, set to be signed on June 19, is expected to significantly benefit India's economy by boosting exports to West Asia, stabilising the rupee, and easing inflationary pressures, according to exporters and experts.
Kerala is facing increased inflationary pressure due to recent hikes in petrol and diesel prices, according to Chief Minister V D Satheesan. The state's economy is also impacted by the decline in remittances from the Gulf and higher oil prices.
