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.
The Quad grouping has expanded cooperation in critical minerals and energy, while unveiling new measures to boost maritime surveillance and port infrastructure across the Indo-Pacific. This move comes against the backdrop of China's growing military posturing in the region, with ministers reiterating strong opposition to destabilising actions and expressing serious concerns over militarisation of disputed features.
Analysts predict India will face oil price volatility and macroeconomic effects due to the escalating Iran crisis, though the country's oil supply chain is not yet structurally insecure.
Chinese President Xi Jinping warned US President Donald Trump that mishandling the Taiwan issue could trigger conflicts between the two countries during wide-ranging talks on trade, Iran, and energy security.
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.
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 and its impact on energy supplies with his Russian counterpart Sergey Lavrov and EU's Foreign Policy chief Kaja Kallas.
The US Central Command (CENTCOM) confirmed striking the Guinea-Bissau-flagged oil tanker MT Jalveer, carrying 20 Indian seafarers, in the Gulf of Oman for allegedly violating the US blockade against Iran. This incident marks the third commercial vessel attacked by US forces in the region this week, with three Indian seafarers previously losing their lives in an attack on the MT Settebello.
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.
The closure of the Strait of Hormuz has disrupted some 20 per cent of the global flows but even if it opens, damages to production facilities in the region will take time to repair, points out Sunita Narain.
Delhi Police have dismantled an illegal LPG cylinder hoarding and black marketing operation in Bawana, arresting one individual and seizing 75 cylinders.
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.
In a statement issued by Iran's consulate in Mumbai, it said, "At present, Iran essentially has no floating crude or surplus available for international markets. The US Treasury Secretary's remarks appear aimed at reassuring buyers and managing market sentiment."
A spokesperson for the Central Khatam al-Anbiya Headquarters said that Iran's armed forces are prepared to intensify their response if aggression continues.
The United States Central Command (CENTCOM) has announced that American forces are maintaining a strict maritime restrictive operation in the region, continuing to enforce a blockade against Iranian ports.
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.
India emerged reasonably well from 2025. But now, the oil shock and war-related supply disruptions have again driven funds out of India and significantly weakened the rupee, points out Ajay Chhibber.
India has expressed serious concerns about the West Asia crisis and its potential impact on energy supplies and maritime stability, urging BRICS nations to find practical solutions to geopolitical challenges and unilateral sanctions.
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.
India imports nearly 60 percent of its LPG, with most cargo previously coming through the Strait of Hormuz, now closed for commercial shipping.
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 United States and Iran could resume negotiations as early as next week in Islamabad, according to a report by The Wall Street Journal citing people familiar with the matter.
The core issues to be settled -- access to Hormuz, Israel's aggression in Lebanon, the question of Iran's nuclear programme, sanctions relief and compensation -- are thorny enough to require weeks of patient negotiation. The most likely outcome of the opening sessions is that both sides take the measure of each other, establish what is and is not negotiable, and return home without having broken anything. That would count as progress.
External Affairs Minister S Jaishankar addresses the Indian Ocean Conference, expressing deep concern over the West Asia conflict and its economic repercussions on energy, trade, and food security. India calls for a swift return to peace and opposes targeting civilians and infrastructure.
Gold prices in the national capital surged by Rs 600 to Rs 1.65 lakh per 10 grams, extending gains for the third consecutive day, while silver rebounded by Rs 5,000 to Rs 2.71 lakh per kilogram, driven by geopolitical tensions and inflation concerns.
The Indian rupee depreciated by 52 paise to settle at 93.35 against the US dollar, driven by failed US-Iran peace talks, surging crude oil prices due to a potential US blockade of Iranian ports, and a global flight to the greenback. This geopolitical uncertainty is also leading to foreign capital withdrawal from domestic equities.
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.
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'.
Trump has made it clear: the US will not lift its blockade of Iranian ports until a deal is signed.
Indian benchmark equity indices, Sensex and Nifty, experienced a decline in early trade, ending a three-day rally, primarily due to heavy selling in IT stocks and concerns over prolonged instability in West Asia.
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.
The Indian rupee depreciated by 32 paise to close at 92.83 against the US dollar, influenced by escalating global tensions, particularly the US-Iran conflict, and the deadline for the RBI's instructions to banks to curb overnight positions.
In view of the disruptive situations, the Central government has also announced a financial relief package of Rs 497 crores aimed at helping exporters affected by disruptions in West Asia.
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.
The US and Iranian delegations left Pakistan after failing to reach an agreement in historic talks aimed at resolving the West Asia conflict and stabilising global energy markets.
Iran is fighting a different war: Older, slower, and in some ways more dangerous. Iran doesn't need to shoot down an F/A-18. It only needs to make the Strait of Hormuz feel dangerous long enough for insurance markets, shipping companies, and oil futures traders to do the rest. Prem Panicker continues his must-read daily blog on the war in the Middle East.
India's fiscal deficit is projected to reach 4.5 per cent of GDP for the current fiscal year, exceeding the budgeted target, as the government's policy responses to the West Asia conflict are expected to strain public finances, according to research firm BMI.
The Indian government has directed oil refineries to increase LPG production to ensure a stable supply of domestic cooking gas, amidst concerns over potential disruptions from the escalating Middle East conflict and its impact on imports.
Indian equities on Dalal Street saw volatility as global market trends and oil price hike impacted investor sentiment. Track Sensex, Nifty50 movement and key market drivers for Apr 23, 2026.
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.
