Prime Minister Narendra Modi and US President Donald Trump discussed the West Asia crisis and the importance of keeping the Strait of Hormuz open and secure. They also reviewed progress in bilateral ties and anticipated upcoming deals in the energy sector.
US President Donald Trump said on Wednesday that Washington is considering a "joint venture" with Iran to secure the Strait of Hormuz, following his announcement of a two-week ceasefire.
'I suspect that Bangladesh being given permission stuck in India's official craw, and this story was an attempt to balance the scales by giving the impression that a similar waiver had been given to India as well.'
Indian benchmark indices, Sensex and Nifty, experienced declines in early trade, primarily due to a surge in crude oil prices and a retreat in Wall Street, as investors reduced exposure to risk assets amidst geopolitical uncertainty. Track Sensex, Nifty on August 7, 2026.
In a major shift in Middle Eastern energy and security dynamics, the US Department of the Treasury on Monday issued a temporary 60-day general licence authorising transactions related to the production, delivery, and sale of Iranian crude oil, petrochemicals, and petroleum products.
Iran's Revolutionary Guard Corps (IRGC) has claimed responsibility for strikes on an American base, alleging it was in response to earlier aerial attacks near Bandar Abbas Airport. The incident follows reports of confrontations between Iranian and US forces in the Strait of Hormuz.
US President Donald Trump has declared the ceasefire agreement with Iran effectively concluded, stating he no longer wishes to engage in diplomatic dealings with Tehran and labelling Iranians as 'liars, cheats and sick people' following recent military actions.
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 question is no longer whether the war will expand. It has. The next few days will tell us whether the war stabilises around Hormuz or whether the Strait itself becomes the trigger for a far larger rupture. What to watch for over the next 48 hours is simple: Any move by the US toward direct naval control of the Strait; any credible Iranian attempt to disrupt or mine shipping lanes and, critically, whether energy infrastructure in the Gulf continues to be targeted.If those lines are crossed in tandem, the war will no longer be containable within the region.
A US-Iran memorandum of understanding is set to be signed, outlining sanctions relief, the reopening of the Strait of Hormuz, and a 60-day negotiation window for Iran's uranium enrichment, but US President Donald Trump has underscored the deal's conditional nature, warning of military action if Tehran fails to comply.
Iran's Islamic Revolutionary Guard Corps (IRGC) has launched missile and drone strikes on four US military bases in Kuwait and Bahrain. This action is in retaliation for recent American strikes against targets in Iran, which the IRGC condemned as a "violation of commitments" and an "anti-civilian act." The IRGC has warned of an expanded "crushing response" if US aggression continues.
Gold prices in the national capital fell by Rs 600 to Rs 1.64 lakh per 10 grams, influenced by tentative progress in US-Iran negotiations, which reduced demand for precious metals. However, unresolved tensions surrounding the Strait of Hormuz continue to keep traders cautious.
The United States and Iran are scheduled to hold their initial round of talks in Switzerland on Friday, following a ceasefire agreement virtually signed by US President Donald Trump and Iranian President Masoud Pezeshkian.
The American warship stopped the tanker "after it attempted to sail to an Iranian port," according to a statement released by CENTCOM.
Moody's Analytics predicts India will remain the fastest-growing major economy in 2026 and 2027, but its pace will moderate due to a global slowdown, geopolitical risks, and financial market volatility, despite the boost from AI demand.
The fragile ceasefire in West Asia between the US and Iran to halt the hostilities in the region for two weeks faces renewed uncertainty as Tehran reportedly moved to block the strategic Strait of Hormuz once again due to Israel's intensified offensive against Hezbollah in Lebanon, according to Iranian state media Islamic Republic News Agency (IRNA), which US President Trump says was "not included" as part of the ceasefire deal.
Indian benchmark indices, Sensex and Nifty, closed lower, primarily due to a downturn in banking and financial stocks, coupled with crude oil prices remaining above USD 80 per barrel. Geopolitical uncertainties and new regulatory proposals for the non-bank lending sector also contributed to cautious investor sentiment.
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.
The cost of the war is being counted not in the corridors of power in Washington or Tehran, but in Firozabad's darkened furnace rooms, Howrah's idle casting sheds, and a barbershop in Kochi where the wait is suddenly, inexplicably, an hour long, notes Prem Panicker in his must read blog on the Iran War.
Crude oil prices reached a new record high in futures trade, both domestically and internationally, as escalating military tensions between the US and Iran in West Asia continue to fuel market volatility. Diplomatic efforts concerning the Strait of Hormuz are being closely watched for potential price stabilisation.
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 Directorate General of Shipping has advised Indian maritime agencies to restrict the deployment of seafarers to conflict areas following a US military strike that killed three Indian crew members off the Oman coast. India has also protested the attack, which occurred amidst heightened tensions in the Gulf region.
As Qatari negotiators travel to Iran in an effort to ease tensions and create conditions for the resumption of US-Iran talks following the recent military escalation between them, US President Donald Trump on Friday said that Washington has agreed to continue talks with the Islamic Republic following Tehran's request but reiterated that the US still considers the ceasefire between the two sides to be "over".
External Affairs Minister S Jaishankar lodged a strong protest with US Secretary of State Marco Rubio over US Navy attacks in the Gulf that killed three Indian mariners. India also summoned the US Charge d'Affaires in New Delhi regarding the incident.
Pakistan Prime Minister Shehbaz Sharif on Thursday signed the historic peace deal between the United States and Iran as a guarantor; the agreement will see the immediate reopening of the Strait of Hormuz and the lifting of the US naval blockade.
A drone boat, co-founded by Indian-American Vibhav Altekar, successfully rescued two crew members of a downed US Army Apache helicopter near the Strait of Hormuz, marking a first-of-its-kind autonomous surface vessel rescue for the US Armed Forces.
The Kuwaiti Army reported intercepting hostile missile and drone attacks, while tensions escalate between the US and Iran with reported strikes and confrontations near the Strait of Hormuz.
Hours after US President Donald Trump on Wednesday said that the ceasefire deal with Iran was "over", the US President indicated that Washington could launch another round of strikes against the Islamic Republic, following strikes on Tuesday, saying it had already hit Tehran "very hard" and warning of further attacks.
Not a single retail outlet ran dry. Every household that wanted a cylinder got one. India faced neither a 1991 moment nor a 2013 one. Macroeconomic stability held. This was not an accident, and it was not luck alone. It was the work of a government that chose to act as it had during the pandemic -- deliberately and gradually, building one measure upon another rather than reaching for a single dramatic lever, explains V Anantha Nageswaran, chief economic advisor to the Government of India.
Indian benchmark indices Sensex and Nifty surged significantly in early trade, mirroring a global rally and a sharp decline in crude oil prices following the finalisation of a peace deal between the US and Iran to end their 107-day conflict and reopen the Strait of Hormuz.
Iran's Deputy Foreign Minister Kazem Gharibabadi confirmed a peace deal with the United States, stating that Tehran will enter a 60-day negotiation period only after verifying Washington's commitments to ending hostilities, lifting the blockade, and releasing Iranian assets.
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.
Iran's Islamic Revolutionary Guard Corps (IRGC) has claimed responsibility for missile and drone strikes on US military installations in Bahrain, describing the operations as the second phase of its retaliatory campaign. This announcement follows US Central Command (CENTCOM) confirming its own large-scale offensive targeting Iranian military infrastructure.
Iran's Islamic Revolutionary Guard Corps (IRGC) on Thursday claimed it had struck the US Al-Azraq air base in northern Jordan with 10 ballistic missiles on what it described as an "enemy command and control centre in West Asia" in retaliatory strikes in response to a recent attack on Tehran by Washington.
Analysts predict that developments in US-Iran negotiations, fluctuations in crude oil prices, and key global economic data will be the primary drivers of gold and silver prices in the coming week, with a strong focus on talks in Switzerland.
Khamenei urged the pilgrims for unity and called on them to pray for "the liberation of Palestine and Al-Aqsa Mosque, the alleviation of the great hardships afflicting Muslims, and the attainment of ultimate victory against global arrogance."
India has strongly protested to the United States after three merchant ships with Indian crew members were attacked by the American military off the coast of Oman, resulting in the deaths of three Indian nationals.
Prime Minister Narendra Modi has strongly condemned the attacks on the United Arab Emirates' port city of Fujairah, which resulted in injuries to three Indian nationals, and reiterated India's support for peaceful resolution through dialogue.
US President Donald Trump and Russian President Vladimir Putin discussed the Iran conflict and its impact on global energy supplies during a phone call.
In a bid to de-escalate Middle East tensions, the US has presented Iran with a comprehensive 15-point peace plan focusing on nuclear disarmament and regional stability in exchange for sanctions relief.
