India's exports increased by 15.5 per cent to USD 40.41 billion in June, but the trade deficit significantly widened to a record USD 30.43 billion due to a 31 per cent surge in imports.
US President Donald Trump on Monday confirmed that his administration has received a proposal from Iran aimed at ending the ongoing conflict in West Asia, but described the offer as insufficient.
Iran on Monday formally rejected a US-proposed ceasefire deal amid the escalating conflict in West Asia, instead unveiling its own 10-point plan aimed at permanently ending the ongoing war, as reported by the Iranian state news agency Islamic Republic News Agency (IRNA).
Indian benchmark stock indices, Sensex and Nifty, closed nearly 1 per cent lower following the collapse of US-Iran negotiations, which heightened concerns of a prolonged conflict in West Asia and drove crude oil prices sharply higher.
The Congress party has criticised the Modi government over Pakistan's involvement in US-Iran peace talks, calling it a 'monumental setback' for India's diplomatic efforts.
The threat has raised concerns about possible asymmetric attacks outside the region. Iran has also stepped up attacks on energy infrastructure in Gulf countries.
The US has warned India that any violation of its naval blockade in the Strait of Hormuz and illicit transport of Iranian oil will not be tolerated, a statement made amidst a diplomatic row over the deaths of Indian seafarers in US attacks on commercial vessels off the coast of Oman.
The representative of Iran's Supreme Leader in India expressed gratitude towards Indians, calling India a land of 'loyalty and humanity'.
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.
Indian benchmark indices Sensex and Nifty rallied in early trade, driven by a positive trend in global markets, cooling crude oil prices following a US-Iran peace deal, and fresh foreign fund inflows.
Despite a ceasefire agreement between Iran and the United States, the Strait of Hormuz remains blocked due to Iran's inability to locate and remove all the mines it laid during the conflict, hindering global oil and gas supplies.
Saudi Arabia and the UAE are actively pushing Trump to take the war to its bitter finish and 'erase' Iran's presence in the geopolitics of the region. Simply put, the two most powerful Sunni Arab oligarchies are on the same page as Israel. Such interference increases the risk of a breakdown in dialogue between the US and Iran, points out Ambassador M K Bhadrakumar.
Aviation stocks experienced a significant surge following the announcement of a two-week ceasefire between the US and Iran, which led to a sharp decline in crude oil prices. This development has positively impacted stock markets and the broader economic outlook for India.
Trump claimed on social media that recent US-Iran discussions were 'very good and productive' and aimed at a 'complete and total resolution' of the conflict.
It is time for India to step up and get Russia, China and Europe to agree to a joint appeal to all combatants. Time is of essence, tomorrow may be too late, asserts Colonel Anil A Athale, former head of the history division, ministry of defence.
Indian benchmark indices Sensex and Nifty rallied in early trade, driven by a significant decline in crude oil prices and positive developments on the geopolitical front, alongside strong performance in blue-chip IT stocks. Track Sensex, Nifty on July 2, 2026
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.
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.
Sonia Gandhi criticised PM Modi's Israel visit, calling it a "bewildering strategic decision" amid the regional conflict.
The White House has responded cautiously to reports of Pakistan offering to mediate between the US and Iran, amid ongoing tensions and potential talks.
Islamabad's attempt to position itself as a mediator in the West Asia conflict has come to naught with the Iranian side refusing to meet any US-led delegation in Pakistan, reports the Wall Street Journal.
The Islamic Revolutionary Guard Corps (IRGC) on Sunday issued a stark warning that American and Israeli universities in West Asia could be treated as 'legitimate targets' in retaliation for alleged United States and Israeli strikes on Iranian academic institutions and cultural infrastructure.
The IRGC accused US and Israeli forces of using civilians as 'human shields' and warned of continued attacks.
The Iranian military on Thursday issued a strongly worded response to remarks made by United States President Donald Trump, warning that the ongoing conflict will persist until Washington, DC faces what it described as 'permanent humiliation, regret, and surrender', as reported by Iranian state media Press TV.
New Zealand's football coach Darren Bazeley lauded his team's performance in a 2-2 draw against Iran at the World Cup, where they came close to securing their first-ever win. Elijah Just scored twice for New Zealand, but Iran equalised late, leaving all Group G teams with one point.
Indian stock markets experienced a second consecutive day of losses, with the Sensex tumbling 852 points, as crude oil prices surpassed USD 100 per barrel due to stalled US-Iran negotiations and escalating geopolitical tensions in West Asia.
Citing sources familiar with the matter, the report said Trump believes the conflict is in its final stages and has urged aides to adhere to the four-to-six-week timeline he has outlined publicly.
Iranian news agencies have denied reports of Iranian officials travelling to Pakistan for negotiations with the United States, even as Pakistan prepares for potential talks and faces criticism from Israel.
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'.
On Doctors' Day this week let's turn the spotlight onto doctors who decided to become leaders.
The Ministry of External Affairs (MEA) has facilitated the safe passage of over 1,700 Indian nationals from Iran through Armenia and Azerbaijan since the beginning of the West Asia conflict.
Manchester City and Belgium footballer Jeremy Doku became a father, welcoming a baby boy named Praise with his wife Shireen. He temporarily left the national team's FIFA World Cup camp in the USA to be present for the birth in London, a decision supported by the Belgian Football Association despite some public criticism.
The ceasefire is still technically holding, to the extent that no overt hostilities have been reported yet, but the rhetoric has hardened dangerously. The week ahead will also clarify whether the Islamabad failure was a negotiating tactic or whether Washington has genuinely locked itself into a position from which the only exits are climb-down, escalation, or the slow bleed of a new status quo that nobody chose and nobody controls. Prem Panicker continues his must read blog on the Iran War.
MEA spokesperson Randhir Jaiswal said the number of Indians exiting Iran through Armenia and Azerbaijan has increased since the previous update.
Amidst escalating tensions in West Asia, Iran claims to have inflicted heavy casualties on US forces in Dubai, a claim vehemently denied by the US Central Command, raising concerns about regional stability.
Iran's Ambassador to Pakistan, Reza Amiri Moghadam, has said there are no ongoing talks between Tehran and Washington, DC, countering United States President Donald Trump's claims of peace overtures.
Nayara Energy, India's largest private fuel retailer, has reduced petrol prices by Rs 5 per litre and diesel by Rs 3 per litre nationwide, marking the first such cut in over two years. This reduction follows easing tensions in West Asia and stabilised international crude oil prices, though public sector retailers have not yet followed suit.
Iran's World Cup campaign has left many Iranian-Americans torn between supporting Team Melli and opposing the country's leadership, highlighting deep divisions within Los Angeles' influential Iranian diaspora.
Argentina's football players displayed a political banner claiming "The Falklands are Argentine" after their World Cup semi-final win against England, potentially violating FIFA's code of conduct.
Indian benchmark stock indices, Sensex and Nifty, surged over 1 per cent, driven by optimism surrounding potential US-Iran peace talks and a significant drop in crude oil prices below the USD 100 per barrel mark. This de-escalation in geopolitical concerns and easing inflation pressures provided a substantial boost to investor sentiment.
