Indian companies, however, are now paying a premium of $6-$7 a barrel for Russian oil, compared with discounts of $8-$10 a barrel before the start of the conflict.
Pakistan is set to host a quadrilateral summit of foreign ministers from Saudi Arabia, Egypt, and Turkiye to discuss the ongoing conflict in West Asia and explore avenues for peace negotiations.
Navy Chief Admiral Dinesh K Tripathi revealed that the Indian Navy was on the verge of striking Pakistan during Operation Sindoor following the Pahalgam terror attack, but kinetic actions were stopped. He also discussed the impact of the West Asia conflict on maritime traffic.
Iranian foreign ministry spokesperson Esmaeil Baghaei said that the country has held no "direct" talks with the United States as of now and added that it has received messages through some mediators regarding the US' desire for negotiations.
Amid rising tensions in West Asia, China is urging all parties to cease military operations, following Trump's appeal for help in securing the Strait of Hormuz.
External Affairs Minister S Jaishankar discussed the West Asia conflict's impact on the global economy, particularly energy security, with US Secretary of State Marco Rubio. He also engaged with GCC ambassadors and his Sri Lankan and German counterparts on the same issue.
Foreign Ministers from Saudi Arabia, Egypt, and Turkiye convene in Pakistan for a summit aimed at de-escalating the ongoing conflict in West Asia, with Pakistan actively seeking to broker peace through dialogue and diplomacy.
Pakistan is hosting a quadrilateral summit of foreign ministers from Saudi Arabia, Egypt, and Turkiye to discuss the conflict in West Asia and explore avenues for peace. The summit includes discussions on regional developments and meetings with Prime Minister Shehbaz Sharif.
Delhi Police have dismantled an illegal LPG cylinder hoarding and black marketing operation in Bawana, arresting one individual and seizing 75 cylinders.
Prime Minister Narendra Modi spoke with Saudi Arabia's Crown Prince Mohammed bin Salman about the ongoing conflict in West Asia, emphasising the need to ensure freedom of navigation and secure shipping lanes.
In his first major national address since hostilities began, Trump said the ongoing military campaign, dubbed 'Operation Epic Fury', has delivered 'swift, decisive, overwhelming victories'.
Indian-flagged vessels are navigating the Strait of Hormuz safely despite ongoing tensions in the region, ensuring the continued flow of vital energy supplies to India.
A spokesperson for the Central Khatam al-Anbiya Headquarters said that Iran's armed forces are prepared to intensify their response if aggression continues.
According to sources, the Indian Navy warships are on standby to provide assistance or help required by merchant vessels.
Former US President Donald Trump claimed he stopped a war between India and Pakistan and expressed his desire to be remembered as a great peacemaker.
Analysts warn that global markets are significantly underpricing the risk of an oil price shock, with Brent crude potentially soaring to $150 per barrel if the West Asia conflict escalates or damages critical oil and gas infrastructure. This could lead to severe inflation and economic repercussions, particularly for import-dependent nations like India.
Bessent indicated that the U.S. is evaluating the status of Iranian oil as the current campaign progresses.
Donald Trump's inconsistent statements and actions regarding the conflict with Iran have drawn criticism and confusion, raising questions about American credibility and the direction of US foreign policy.
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.
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.
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.
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.
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.
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