The escalating crisis in West Asia and its impact on the global energy supply chain are expected to dominate deliberations at a two-day meeting of BRICS foreign ministers to be hosted by India.
The rupee weakened to a record low against the US dollar due to Gulf tensions, rising oil prices, and foreign capital outflows.
The United States has announced new sanctions targeting Iran's 'shadow oil economy,' accusing Tehran of using illicit oil revenues to fund the Islamic Revolutionary Guard Corps (IRGC) and its regional activities.
India's wholesale price inflation surged to 8.30 per cent in April, up from 3.88 per cent in March, primarily driven by a significant increase in the prices of fuel, power, and crude petroleum, according to data from the commerce and industry ministry.
Israel's Defence Minister Israel Katz has stated that Israel is prepared to escalate military action against Iran, pending approval from the United States. This comes as US President Donald Trump says he would not use nuclear weapons in any conflict with Iran, while also claiming the US has 'total control' over the Strait of Hormuz.
Following a US agreement to a ceasefire, Iran claims victory and outlines conditions for a lasting peace deal, including control over the Strait of Hormuz and the removal of sanctions.
Indian benchmark indices Sensex and Nifty experienced declines due to a sharp rally in crude oil prices, continuous foreign fund outflows, and geopolitical uncertainties. Regulatory developments in the banking sector, particularly the implementation of the Expected Credit Loss (ECL) framework, also contributed to the selling pressure.
Donald Trump has dismissed the ceasefire with Iran as being on 'massive life support', signalling continued tensions between the US and Iran amid ongoing negotiations.
Prime Minister Narendra Modi has offered India's support to bring peace to West Asia during talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan. Both countries signed agreements to strengthen strategic collaborations in energy and defence.
Iran on Monday described the 15-point proposal from the United States to end the conflict in West Asia and reopen the strategic Strait of Hormuz as 'excessively demanding', stating that it has prepared its own set of demands to end hostilities, which have now entered their second month.
This is the time for India to plan forward fully, with the goal of Atmanirbharata, and energy security. The Persian Gulf is no longer a reliable source, points out Rajeev Srinivasan.
Dozens of US planes carrying ammunition landed in Tel Aviv, raising concerns about potential strikes on Iran. Negotiations between the US and Iran remain deadlocked over key issues, with both sides issuing fresh demands and warnings.
Over the past two decades, India has witnessed several major petrol price hikes, driven by global crude oil fluctuations, economic crises, currency depreciation and geopolitical conflicts. How did we get from Rs 34 to over Rs 100 today
Far from it; the country's resistance to the US, its nuclear ambitions, and its pursuit of influence and proxies across the Middle East are driven by a constant search for independence and security. Thus, Iran will never capitulate. Trump will learn this home truth ultimately, and it is going to be a humbling personal experience that may even destroy his presidency, predicts Ambassador M K Bhadrakumar.
The US has seized an oil tanker, 'Skywave', linked to Iran in the Indian Ocean, as part of efforts to disrupt Iran's oil shipments and enforce sanctions. The vessel was part of a network transporting sanctioned Iranian crude oil, with the seizure occurring amid heightened tensions between Washington and Tehran.
Crude oil prices experienced a significant drop following the announcement of a US-Iran ceasefire and the reopening of the Strait of Hormuz, leading to heavy selling by traders.
The Sri Lankan government attributes the sharp depreciation of the rupee against the US dollar to the ongoing conflict in West Asia, citing increased costs for essential imports like gas, fertiliser, and oil.
Ahead of the expiry on Tuesday of the two-week ceasefire declared by US President Donald Trump in the conflict with Iran, US media outlets reported on Sunday that negotiators Steve Witkoff, special envoy for peace missions and Jared Kushner will head to Islamabad for talks with Iran.
In a lengthy post on Truth Social, Trump said negotiations with Iran were 'proceeding nicely' and argued that several Muslim and Arab nations should formally recognise Israel and join the Abraham Accords once a deal is reached.
Iran has presented a multi-layered proposal to the US in an attempt to break the deadlock in peace talks, focusing on de-escalation and nuclear programme discussions.
Trump has said he would be present at the signing ceremony in Islamabad. Don't be surprised if the Pakistani hosts make it a grand event in the geopolitics of the region. Trump would love that, notes Ambassador M K Bhadrakumar.
Government sources indicate a potential increase in petrol and diesel prices due to rising global crude oil costs and losses incurred from a prolonged freeze on retail rates.
Israel will continue its offensive in South Lebanon aimed at neutralising the threat from Hezbollah, which is backed by Iran.
The Americans can occupy Bab el Mandeb, claim to have 'solved' the Strait of Hormuz crisis, declare victory that President Trump so desperately needs, points out Colonel Anil A Athale, former head of the history division, ministry of defence.
There are roughly 2,000 ships stranded in the Persian Gulf, carrying more than 20,000 seafarers, according to the International Maritime Organisation, as quoted by The Wall Street Journal.
US Secretary of State Marco Rubio has said that the US is ready to sell as much energy as India is willing to buy. He described India as a 'great partner' ahead of his visit to New Delhi.
Indian benchmark indices, Sensex and Nifty, opened lower on Tuesday, driven by a surge in global crude oil prices and continued outflows by Foreign Institutional Investors (FIIs), reflecting fragile market sentiment influenced by external factors.
Congress leader Rahul Gandhi on Monday launched a scathing attack on Prime Minister Narendra Modi over the latest fuel hike, saying mehangai manav has struck again and he has just one job of making promises during elections and attacking people's pockets at other times.
India's fertiliser subsidy bill is projected to increase by approximately 70,000 crore, reaching around 2.41 trillion in FY27, primarily due to rising import costs exacerbated by the ongoing West Asia crisis.
US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu had a tense phone call over the future course of the war on Iran, with Washington favouring a deal instead of resuming strikes, according to US media reports.
Donald Trump has extended the deadline for Iran to reopen the Strait of Hormuz, amid escalating tensions between the two countries. Trump issued a harsh warning to Tehran, threatening to target Iran's energy and civil infrastructure if the Strait is not opened.
US President Donald Trump stated that military strikes against Iran could resume if they 'misbehave,' even as he reviews a new proposal from Tehran aimed at ending the paused conflict.
Crude oil prices have surged to record highs due to escalating tensions between the US and Iran, raising concerns about supply disruptions and market volatility.
'Markets never fully lose hope. But an important shift could come if the Strait remains closed -- moving from high prices to no prices.'
After the United States and Iran agreed to a two-week ceasefire and expressed hope for lasting peace, Pakistan took much of the credit for playing mediator between the two countries. However, Jonathan Schanzer, Executive Director at the Foundation for Defence of Democracies and former US Treasury counterterrorism analyst, said Pakistan is deeply indebted to China.
US President Donald Trump on Monday doubled down on his hardline stance against Tehran while dismissing mainstream media narratives regarding his foreign policy motivations.
US President Donald Trump and Chinese President Xi Jinping met in Beijing to discuss a range of issues, including trade frictions and the war in Iran.
The United States and Iran, with regional mediators, are reportedly discussing a potential 45-day ceasefire to prevent further escalation of conflict, including strikes on Iranian infrastructure and retaliation against Gulf states' facilities.
The Indian rupee weakened against the US dollar due to geopolitical tensions surrounding the Strait of Hormuz and ahead of the Reserve Bank of India's monetary policy review.
US President Donald Trump has threatened to target Iran's civilian energy infrastructure, including power plants, oil wells and Kharg Island, if Tehran does not reopen the Strait of Hormuz.
