Indian stock market indices Sensex and Nifty experienced a significant decline, driven by rising crude oil prices, sustained foreign fund outflows, and selling pressure in major bank stocks.
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.
Iran has denied sending a delegation to Islamabad for peace talks with the United States, contradicting Pakistan's claims of mediating the negotiations. The denial highlights a lack of confidence in Pakistan's ability to ensure security for high-level participants and underscores the fragile nature of diplomatic efforts between the US and Iran.
In a post on Truth Social, Trump outlined key goals of the campaign, including degrading Iran's missile capabilities, dismantling its defence industrial base, eliminating naval and air power, preventing Tehran from acquiring nuclear capability, and protecting United States allies such as Israel, Saudi Arabia and the United Arab Emirates.
The Indian rupee fell to a record low against the US dollar due to rising crude oil prices, foreign institutional investor selling, and weak domestic equity market sentiment.
On Saturday, February 28, the United States and Israel launched coordinated military strikes on Iran marking a significant escalation in Middle East tensions.
United States President Donald Trump on Friday declared that there would be 'no deal with Iran except unconditional surrender' amid the escalating West Asia conflict, asserting that Tehran must capitulate before any diplomatic negotiations can proceed.
Pakistan's Prime Minister Shehbaz Sharif has offered to host talks between the US and Iran to help resolve the ongoing conflict in the Middle East, following reports of Pakistan's involvement in backchannel diplomacy.
The United Arab Emirates Ministry of Defence has announced that the air force and air defence forces have successfully intercepted a significant number of aerial threats following a large-scale Iranian attack that commenced on February 28.
Iran's representative in India, Abdul Majeed Hakeem Ilahi, describes the ongoing tensions between Iran and the US-Israel alliance as a state of 'no war, no peace,' calling for an immediate halt to the conflict and questioning the lack of pressure on the US and Israel to cease aggression.
United States President Donald Trump warned Iran of potential strikes on its infrastructure, including bridges and electric power plants, saying the US military 'hasn't even started destroying what's left in Iran'.
At least eight civilians have been reported killed, and 95 others have sustained injuries following United States-Israeli strikes, Iranian state media Press TV reported.
Eid al-Fitr was celebrated across India with prayers for peace and brotherhood, alongside protests condemning US-Israel actions in West Asia.
Trump said that Iran's leadership, along with its air defence, Air Force, and Navy are 'gone'.
Dozens of Indian-flagged ships and over a thousand seafarers are stranded in the Persian Gulf, Gulf of Oman, and surrounding areas due to the closure of the Strait of Hormuz amidst ongoing military actions involving the US, Israel, and Iran.
Reports indicate that Mojtaba Khamenei, the son of Iran's Supreme Leader and a potential successor, is reportedly unconscious and receiving medical treatment in Qom, according to intelligence assessments.
The rupee plunged to a fresh low of 93.72 against the dollar on Friday, falling 1.15 per cent in a single session - its sharpest one-day decline since February 24, 2022 - as elevated crude oil prices and strong dollar demand from oil-marketing companies and foreign portfolio investors (FPIs) weighed on the currency.
Gold prices experienced a significant drop in futures trading due to global selloff, inflation concerns, and a strong US dollar. Analysts predict a continued downward trend amid geopolitical tensions and potential rate hikes.
IDF international spokesperson Lt Col Nadav Shoshani said the Israeli military targeted several Hezbollah positions, including command and control centres, launch sites and senior operatives.
Indians returning from the Middle East share their experiences of fear and uncertainty as the conflict between the US, Israel, and Iran disrupts travel and daily life, leaving many stranded and facing financial strain.
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.
The logic of war plus the gathering storms in US politics as the midterms loom large leave him with no real alternative but to negotiate, points out Ambassador M K Bhadrakumar.
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.
Iranian military spokesperson said that stability in the region would be ensured only by the strength of Iran's armed forces and warned that energy and oil markets would not return to previous levels unless this reality was acknowledged.
The Indian rupee saw a significant appreciation against the US dollar following President Trump's suspension of military strikes against Iran and the Reserve Bank of India's decision to maintain its key interest rate. Market sentiment was further buoyed by positive comments from the RBI regarding the health of the banking sector.
Expanding the scope of hostilities, Zayed Port in Abu Dhabi, United Arab Emirates, was also targeted by missile strikes launched by Iran, according to a report by the Iranian state broadcaster, Press TV.
Global energy markets saw a significant correction as oil prices nosedived following Iran's announcement that the Strait of Hormuz has been fully reopened, dismantling the 'war-risk' premium that had gripped the market.
'Every year we import approximately $70 billion worth of gold -- closer to $72 billion in 2025-2026, an all-time record.' 'There is no parallel for this anywhere in the world. And this love for gold will not disappear overnight.'
The BJP has criticised the Congress party for allegedly prioritising its vote bank and outdated ideologies over India's national interest and citizen safety in its foreign policy approach towards Iran.
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.
If the conflict continues for a prolonged period, State-run oil companies may have to review retail fuel prices accordingly.
Trump also called upon China, France, and Japan, among others, to send ships to the Strait of Hormuz.
Speaking to reporters during a cabinet meeting at the White House on Thursday, Trump said the US had engaged in 'very substantial talks' with Iranian officials and described the tanker movement as proof of seriousness in the discussions.
Far from it; the country's resistance to the US, its nuclear ambitions, and its pursuit of influence and proxies across the Middle East are driven by a constant search for independence and security. Thus, Iran will never capitulate. Trump will learn this home truth ultimately, and it is going to be a humbling personal experience that may even destroy his presidency, predicts Ambassador M K Bhadrakumar.
What we will not do is discount deeply, neither will we compromise on product substance, says Managing Director and Chief Executive Officer (MD&CEO) Santosh Iyer.
According to an official Iranian military statement, Qader anti-ship cruise missiles were launched at the carrier, forcing it to alter its position in the region.
Revenue collection next financial year may be affected, and, along with this, subsidies on food and fertilisers can go up if the war in West Asia drags for long, according to experts.
Donald Trump claims a senior defence official urged military action against Iran, revealing escalating tensions and ongoing negotiations in the Middle East.
Researchers at CSIR-NCL have developed a technology for producing dimethyl ether (DME) as an alternative to liquefied petroleum gas (LPG), potentially reducing India's reliance on imports and enhancing energy security.
The IRGC said the barrage targeted several US military facilities in the region, including bases at Sheikh Isa in Bahrain, Juffair in Bahrain, Ali al-Salem in Kuwait and Al Azraq in Jordan.
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