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.
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'.
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 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.
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.
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.
Trump has made it clear: the US will not lift its blockade of Iranian ports until a deal is signed.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Will rising tensions between US-Israel and Iran threaten crude oil supply through the Strait of Hormuz, putting India's fuel prices, imports, and economic stability at risk?
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.
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.
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.
Prime Minister Narendra Modi will chair a meeting with senior ministers to assess the petroleum, power, and fertiliser sectors in light of the ongoing situation in West Asia, focusing on ensuring uninterrupted supply and stable logistics.
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.
Oil and LNG prices are likely to shoot up if Iran is to block Strait of Hormuz, through which countries like India import crude oil from Saudi Arabia, Iraq and UAE, leading to a spike in inflation, analysts said on the Iran-Israel conflict. The Iran and Israel conflict has escalated over the last few days. Iran first launched drone and rocket attacks on Israel, which retaliated by firing a missile. Crude oil prices have hovered around USD 90 per barrel since the conflict.
Prime Minister Narendra Modi will chair a meeting with senior ministers to review the petroleum, power, and fertiliser sectors in light of the evolving situation in West Asia, focusing on ensuring uninterrupted supply and stable logistics.
For that to happen America does not have to lose. It only has to do the right thing, asserts Aakar Patel.
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.
Moody's Ratings has downgraded India's growth forecast for financial year 2026-27 (FY27) to 6 per cent from 6.8 per cent, attributing the revision to weaker consumption and industrial activity, elevated energy prices, and rising input costs stemming from the West Asia conflict.
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.
Indian markets on Dalal Street rallied sharply as easing tensions in the US-Iran conflict and stable oil prices boosted sentiment. Track Nifty 50 and BSE Sensex performance and key global triggers.
The Indian rupee is highly vulnerable among Asian currencies, with Barclays and MUFG warning of a potential depreciation towards 100/$ if the West Asia conflict persists, driven by widening current account deficits and elevated crude oil prices.
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.
S&P Global Ratings warns that Indian oil marketing companies like IOC, BPCL, and HPCL may face reduced profit margins due to rising crude oil prices and government pressure to maintain stable retail prices.
Both sides have now revealed a preference for escalation over strategic defeat, and each new provocation narrows the space for the next pause. The Touska seizure, Iran's refusal to negotiate under blockade, Israel's strikes on Iranian oil infrastructure -- all of these add up to an increasingly untenable situation. This makes the wild card -- Trump and his motormouth -- more consequential than ever, notes Prem Panicker in his must read blog on the Iran War.
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.
'US and Iran have not annulled the ceasefire, and the possibility of continuing negotiations remains open.'
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.
