Tensions escalate as Iranian forces attack a container ship in the Strait of Hormuz after Trump announced the ceasefire extension.
Iran has asserted that maritime movement through the Strait of Hormuz will be strictly controlled by Tehran, stating that passage will be allowed only through designated routes and under Iranian approval.
India has denied making any payments to Iran to secure safe passage for its vessels through the Strait of Hormuz, following reports that Indian vessels were fired upon in the region.
The United States has clarified that its naval blockade in West Asia targets Iranian ports and coastline, not the Strait of Hormuz, applying to all ships regardless of nationality. US officials warned Iran against threatening commercial ships and hinted at ceasefire negotiations as an alternative.
Indian stock markets, including the Sensex and Nifty, experienced their third consecutive day of declines, driven by a global selloff, escalating tensions in West Asia, and a subsequent rise in crude oil prices.
The United States and Iran are engaged in indirect talks aimed at developing a framework for a possible agreement, according to Iran's ISNA News Agency. Intensive mediation efforts are underway, but it remains uncertain whether a final agreement is within reach.
US President Donald Trump announced that a deal to end the war with Iran would be signed on Sunday, with the strategic Strait of Hormuz immediately becoming 'open to all'. This follows indications from Pakistan that negotiations were in their final stages, though Iran has yet to comment on the timeline.
Analysts predict that crude oil prices, geopolitical tensions in West Asia, and upcoming inflation data will be the primary drivers of the Indian stock market this week, alongside foreign investor activity and domestic quarterly earnings.
Chinese Foreign Minister Wang Yi has urged Iran to guarantee freedom and safe passage through the Strait of Hormuz, a critical waterway for global oil trade, amid ongoing tensions with the US.
Trump's message, posted on his Truth Social platform, is a reminder of his 10-day ultimatum given to the Islamic Republic earlier to make progress toward a deal or reopen the vital shipping lane.
The Iranian Embassy in South Africa has launched a biting social media attack on US President Donald Trump, using a viral maritime audio clip to label him an "idiot".
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.
Head of the Iranian Parliament's National Security Committee Ebrahim Azizi on Saturday said that Iran has prepared a "professional mechanism" to regulate maritime traffic in the Strait of Hormuz through a designated route, which will be unveiled soon.
The Indian Consulate in Dubai has confirmed the tragic death of Indian sailor Herambh Karmarkar following an attack on the MV GFS Galaxy cargo vessel off the coast of Oman.
Former US President Donald Trump has issued a stern warning to Iran, stating that "nothing will get through" unless a deal or "total surrender" is achieved, amid escalating tensions and conflicting reports on direct negotiations.
Qatar remains committed to hosting November's MotoGP and Formula One races despite regional uncertainty, with Lusail preparations continuing and Formula One set to decide the race's fate.
Indian benchmark indices, Sensex and Nifty, continued their downward trend for the fifth consecutive day, with the Sensex dropping 281 points and Nifty falling 78 points, primarily driven by surging crude oil prices and persistent geopolitical tensions in West Asia.
China has called on Iran to reopen the Strait of Hormuz and expressed appreciation for Tehran's commitment not to develop nuclear weapons, a key demand of the US to end the conflict.
India has expressed strong concerns over attacks on commercial ships in the Strait of Hormuz, citing its importance to India's energy and economic security. Ambassador Yojna Patel highlighted the need to respect international law and ensure the safety of seafarers, while also addressing broader Middle East issues including the situation in Gaza and Lebanon.
External Affairs Minister S Jaishankar has emphasised India's commitment to safe maritime transit and condemned attacks on merchant shipping amidst the ongoing West Asia conflict and global energy market disruptions.
China sailed through the crisis in the Strait of Hormuz relatively unscathed even as the impact of its steps shielded other consuming nations from having to pay high crude oil prices.
Gold futures experienced their seventh consecutive daily decline, falling to Rs 1.5 lakh per 10 grams, driven by escalating military exchanges between the US and Iran which have pushed oil prices higher and intensified concerns over inflation and potential interest rate hikes.
A convoy of India-bound ships carrying crude oil and gas was stopped by the Iranian Revolutionary Guard Corps (IRGC) in the Strait of Hormuz, leading to several vessels returning to the Persian Gulf.
Iran has announced the Strait of Hormuz is open to commercial vessels, coinciding with a ceasefire between Lebanon and Israel.
US President Donald Trump on Tuesday claimed that Iran is in a "state of collapse" and has requested the United States to help "open" the Strait of Hormuz.
The Centre on Monday told the Supreme Court that authorities in Muscat are examining claims that the family of Indian merchant navy captain Ashish Kumar received ransom calls following his disappearance after a drone or missile attack on a vessel in the Strait of Hormuz.
Indian equities on Dalal Street saw volatility as global market trends and weak rupee impacted investor sentiment. Track Sensex, Nifty50 movement and key market drivers for May 5, 2026.
US President Donald Trump has claimed that China has committed to halting weapon supplies to Iran, following his personal diplomatic interventions with Chinese President Xi Jinping.
'India is trying to project that it can engage with the world in a different way too.'
The US blockade on Iranian ports is aimed to curb Iranian energy exports, thereby crippling its economy to force Iran back to the negotiating table, points out Commodore Venugopal Menon (retd).
India is in communication with Iranian officials to ensure the safety and secure passage of its ships through the Strait of Hormuz, following recent firing incidents involving Indian vessels.
Indian information technology (IT) stocks, led by Infosys, experienced a significant selloff, dragging the Nifty to a two-month low, primarily due to escalating West Asian tensions pushing crude oil prices higher, and concerns over upcoming large IPOs diverting funds from secondary markets. The sector is also grappling with the long-term implications of AI disruption.
US President Donald Trump on Friday (local time) said the United States could "hit" Iran's heavily fortified underground nuclear site known as Pickaxe Mountain "very soon", days after Washington targeted Iranian military targets.
China has criticised the US blockade of the Strait of Hormuz, calling it a dangerous and irresponsible move, and urged Washington and Tehran to honour the ceasefire. Beijing also denied aiding Iran militarily and threatened countermeasures if the US imposes tariffs.
Iran has reimposed restrictions on the Strait of Hormuz, with its forces opening fire on a passing tanker and forcing at least two Indian vessels to reverse course, escalating tensions in the region and raising concerns over energy supplies.
Trump criticised Iran for attempting to use international waterways for leverage, stating that the United States had restrained itself only to allow space for negotiations.
Any military response to a cross-border terror attack from Pakistan will have to take into account the new alignments beginning to take shape in the region, points out former foreign secretary Shyam Saran.
Conflicting reports emerge regarding the effectiveness of the US blockade on Iranian ports, with Iran claiming successful transit of vessels and the US asserting complete maritime dominance.
The US has threatened to prosecute those buying or selling sanctioned Iranian oil and has announced a blockade of the Strait of Hormuz after peace talks failed.
Supreme Leader Mojtaba Khamenei has reshuffled Iran's political and national-security establishment, appointing former SNSC Secretary Mohammad Bagher Zolghadr as his political adviser and veteran IRGC commander Mohsen Rezaei as his representative on the Supreme National Security Council, consolidating power amid the West Asia crisis and Strait of Hormuz tensions.
