Bessent indicated that the U.S. is evaluating the status of Iranian oil as the current campaign progresses.
This weekend, Donald Trump has begun to say the quiet part out loud -- that he wants to take control of Iran's oil, a formulation more in line with his robber-baron style of international relations.
US President Donald Trump indicated the possibility of further military operations against Iran's Kharg Island, a key oil export hub, claiming previous strikes had significantly damaged its infrastructure.
The Congress party has criticised Prime Minister Narendra Modi's diplomatic efforts following the ceasefire agreement between the US and Iran, facilitated in part by Pakistan. The party claims this development undermines Modi's strategy and exposes his perceived failures in foreign policy.
Despite ongoing tensions in West Asia, the successful arrival of the LPG carrier 'Nanda Devi' in Gujarat ensures a steady supply of liquefied petroleum gas to India, highlighting the country's efforts to secure its energy needs.
Addressing the 36th extraordinary session of the Council of the International Maritime Organisation (IMO) held on Thursday in London, the Indian envoy said, "India remains deeply concerned about the evolving situation and continues to call for de-escalation through dialogue and diplomacy, with utmost restraint and priority being given to the safety of civilians."
The big question is whether Trump is any longer in command of the situation. For all practical purposes, the war seems set to cascade as the US is preparing for a potential ground operation in Iran and threatens to destroy 'bridges next, then electric power plants', points out Ambassador M K Bhadrakumar.
Although extensive air attacks have been carried out to destroy most of Iran's defence capabilities, the latter's resilience and sustenance during the war clearly indicate that the US landing force would encounter severe resistance in the operation, explains Commodore Venugopal Vengalil (retd).
The Indian government is considering additional relief packages for vulnerable sectors like MSMEs to mitigate the impact of the ongoing West Asia crisis on the economy and inflation.
Egypt, Pakistan, Saudi Arabia and Turkey met in Islamabad in what analysts say is the formal opening of a new diplomatic formation that could reshape the post-war regional order. Their immediate goal is a ceasefire; their larger ambition is to ensure that neither Iran nor Israel emerges from this war in a dominant position. Pakistan's foreign minister then flew directly to Beijing and mooted a Chinese role as guarantor of any eventual agreement. Prem Panicker continues his must read daily blog on the Gulf War.
By all available indications, the White House drafted a face-saving note and handed it, ready-made, to Islamabad. Pakistani Prime Minister Shehbaz Sharif was supposed to then post it in the guise of a plea urging Trump to extend the deadline by two weeks 'to allow diplomacy to run its course'. Trump would then graciously accept Pakistan's 'request' and declare a ceasefire. Sharif dutifully posted the message on X. Except that he, or whoever was handling the account, forgot to delete the tell-tale first line visible in the edit history: 'Draft - Pakistan's PM Message on X'. Prem Panicker's must read blog on the Iran War.
Despite President Trump's optimistic prediction of a swift resolution to the ongoing conflict with Iran, Tehran dismisses any possibility of diplomatic breakthroughs, citing deep distrust and highlighting the complexities of US-Iran relations.
'Despite the large number of missiles and drones we have already launched, we still possess reserves and missile cities whose doors have not yet been opened,' says Iran's Consul-General Saeid Reza Mosayeb Motlagh.
An Indian-flagged crude oil tanker, Jag Laadki, safely sailed from the UAE's Fujairah port despite an attack on the terminal and is scheduled to reach India. The Indian government is working to ensure the safe passage of remaining Indian-flagged vessels in the region.
The government has introduced a mandatory 25-day gap between LPG cylinder bookings due to supply concerns arising from global disruptions and tensions in the Strait of Hormuz. This measure aims to prevent hoarding and prioritise essential non-domestic sectors, while domestic LPG production is being increased to mitigate shortages.
A US-sanctioned tanker carrying Iranian crude oil is heading to India, marking the resumption of oil imports from Iran after seven years.
Indian stock markets experienced a significant rally following the announcement of a US-Iran ceasefire, coupled with a drop in crude oil prices. The Sensex and Nifty both closed nearly 4 per cent higher, mirroring gains in global markets.
Prime Minister Narendra Modi addressed Parliament on the West Asia crisis, advocating for dialogue and diplomacy, ensuring the safety of Indians in the region, and addressing concerns about fuel and food security.
India imports nearly 60 percent of its LPG, with most cargo previously coming through the Strait of Hormuz, now closed for commercial shipping.
The Iranian military has asserted that its forces successfully targeted and downed a US A-10 aircraft, according to a report by Al Jazeera.
Iran has blamed the US for disruptions in oil and gas shipping through the Strait of Hormuz, citing 'destabilising actions' as the cause amid the ongoing West Asia conflict and rising energy prices.
United States President Donald Trump has issued a strong warning to Iran, asserting that any attempt to impede the transit of petroleum through the Strait of Hormuz would be met with massive military retaliation.
We cannot simply have a 60-65 per cent import dependency in LPG, the bulk of which comes from just one volatile region -- West Asia, points out R Jagannathan.
The United States, which entered this war in expectation of a short, sharp win along the Venezuela model, is now preparing for deeper involvement in a conflict it does not fully control, without the allies it typically relies on, against an adversary that is not behaving as expected, in a global environment that is already absorbing economic shock. Prem Panicker continues his must read daily blog on the Gulf War.
The Indian rupee saw a significant appreciation against the US dollar following President Trump's suspension of military strikes against Iran and the Reserve Bank of India's decision to maintain its key interest rate. Market sentiment was further buoyed by positive comments from the RBI regarding the health of the banking sector.
According to the report, the Pentagon is deploying the USS Tripoli ARG, along with the 31st Marine Expeditionary Unit (MEU), part of its own strike group.
The UK Maritime Trade Operations issued a warning noting that the incident took place approximately 15 nautical miles north of Sharjah.
Tensions between Washington, DC and Tehran have reached a boiling point, as a heavy barrage of aerial strikes was reported across multiple locations in Iran on Tuesday.
Amidst global energy market volatility driven by the West Asia crisis, Russia has proposed increasing its crude oil and natural gas supplies to India, strengthening bilateral energy ties and aiming for USD 100 billion in annual trade by 2030.
The ministry of petroleum and natural gas on Friday reiterated that India has sufficient stock of crude oil, petrol and diesel, while ensuring an uninterrupted supply of LNG and LPG despite disruptions caused by the ongoing West Asia conflict.
Argentina has significantly increased its LPG exports to India to help mitigate shortages caused by the ongoing conflict in West Asia. This partnership is becoming increasingly important for India's energy security.
At least eight civilians have been reported killed, and 95 others have sustained injuries following United States-Israeli strikes, Iranian state media Press TV reported.
'What we have yet to see on either the US or the Iranian side is willingness to compromise on their ultimate demands and the flexibility to reach an agreement to end the war.
Taking Kharg would give the US control over virtually all of Iran's oil exports and thus provide significant leverage, notes Prem Panicker in his must read daily blog on the Gulf War. It would also put American troops within range of Iran's remaining missiles, drones, and artillery on a piece of real estate that is just eight square miles in size, and just 15 miles from the Iranian mainland.
Prime Minister Narendra Modi spoke with Iranian President Masoud Pezeshkian, condemning attacks on critical infrastructure in West Asia and emphasising the importance of safeguarding freedom of navigation and ensuring secure shipping lanes.
Indian markets on Dalal Street rallied sharply as easing tensions in the US-Iran conflict and stable oil prices boosted sentiment. Track Nifty 50 and BSE Sensex performance and key global triggers.
Iran has placed anti-personnel and anti-armour mines around the island, where US troops could potentially stage an amphibious landing.
Pakistan's Foreign Minister Ishaq Dar met with his counterparts from Egypt and Turkiye in Islamabad ahead of a quadrilateral summit, including Saudi Arabia, to discuss the ongoing conflict in West Asia and explore avenues for peace.
The purge in Washington does not pause the war. Strikes continue, Hormuz remains closed, and Brent crude is still dancing around $109 a barrel. For India, the command chaos in the Pentagon is another layer of uncertainty piled on five weeks of conflict that was already straining every buffer Delhi has.
External Affairs Minister S Jaishankar discussed the West Asia conflict and its impact on energy supplies with his Russian counterpart Sergey Lavrov and EU's Foreign Policy chief Kaja Kallas.
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