The incident came shortly after a spokesperson from Iran's military warned that Tehran could target ports and docks in the United Arab Emirates following recent United States strikes on Kharg Island, a key hub for Iran's oil exports.
India's peak power demand is projected to hit 270 GW this summer, surpassing last year's record of 250 GW.
The meeting follows a ceasefire agreement that was announced and welcomed by Shehbaz Sharif, who also extended invitations to both delegations for further negotiations.
Reports are emerging that Ali Larijani, a key Iranian security official, was allegedly targetted in an Israeli airstrike, escalating tensions in the region.
China has criticised the US blockade of the Strait of Hormuz, calling it a dangerous and irresponsible move, and urged Washington and Tehran to honour the ceasefire. Beijing also denied aiding Iran militarily and threatened countermeasures if the US imposes tariffs.
The oil industry experienced three upheavals between 1973 and 1991, which seem to be etched in the memory of the industry's decision makers. Naturally, at the sign of a new crisis, the decision makers like to dip into those tumultuous decades to find ways to deal with the new shock, in addition, of course, to expert reports and forecasts. So, the industry bigwigs turned the pages of history to get a peek into the future of oil price movements after Russia invaded Ukraine in 2022, Israel attacked Gaza in 2023, Iran-linked Houthi rebels pounded tankers crossing the Red Sea in support of Palestine the same year, and Iran rained missiles on Israel in 2024.
Amid rising tensions in West Asia following a series of strikes and counter-strikes, the United States Embassy in Muscat on Tuesday instructed its staff to shelter in place.
The Reserve Bank of India (RBI) has projected that crude oil prices will average USD 85 per barrel and the rupee will weaken to 94 against the dollar by FY27, according to its bi-annual Monetary Policy report.
Iranian forces fired upon three commercial vessels in the Strait of Hormuz, with one possibly headed for Gujarat, raising concerns about maritime security in the strategic waterway.
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.
A spokesperson said the government is carefully assessing these communications in the context of the ongoing regional crisis.
Pezeshkian urged American citizens to look beyond 'manufactured narratives', claiming the portrayal of Iran as a threat is driven by the military-industrial complex and Israeli political interests.
Reserve Bank of India (RBI) Governor Sanjay Malhotra stated that recent regulatory measures to address foreign exchange market volatility, such as capping banks' net open positions, are temporary and aligned with current market conditions, not signalling any structural shift in policy.
The Indian Embassy in Tehran has issued an advisory urging Indian citizens in Iran to coordinate with the embassy before attempting to cross any land borders, citing potential logistical and immigration difficulties.
Israeli Prime Minister Benjamin Netanyahu on Thursday called for the opening of direct negotiations with Lebanon, as tensions persist along the border despite a two-week ceasefire aimed at halting hostilities in West Asia.
On Saturday, February 28, the United States and Israel launched coordinated military strikes on Iran marking a significant escalation in Middle East tensions.
The Indian government has doubled the daily quota of market-priced 5-kg LPG cylinders for migrant workers to ensure stable fuel supplies amidst global disruptions. This move prioritises household cooking gas and addresses the needs of migrant workers who often lack regular connections.
The embassy also said that the exit must be undertaken in coordination with the mission.
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.
India's market landscape is undergoing significant shifts, with bank-backed brokerages potentially regaining dominance over discount platforms due to regulatory changes and increased taxes, while the IPO pipeline faces a slowdown amid heightened global volatility.
An Iranian missile strike on Haifa has resulted in casualties and intensified conflict between Iran and Israel, prompting search operations and ceasefire discussions.
India possesses two months of fuel stockpiles and faces no supply concerns despite global energy disruptions, according to Oil Minister Hardeep Singh Puri. However, state-run fuel retailers are incurring losses of up to Rs 1 lakh crore in a single quarter due to elevated crude prices and unchanged retail fuel prices, raising questions about the sustainability of these losses.
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.
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.
The naval command underlined recent regional developments, which have now established a new reality in which extra-regional powers, led by Washington, DC, can no longer dictate terms or project unchecked influence in Iran's immediate maritime environment.
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 fragile ceasefire in West Asia between the US and Iran to halt the hostilities in the region for two weeks faces renewed uncertainty as Tehran reportedly moved to block the strategic Strait of Hormuz once again due to Israel's intensified offensive against Hezbollah in Lebanon, according to Iranian state media Islamic Republic News Agency (IRNA), which US President Trump says was "not included" as part of the ceasefire deal.
Iran's Supreme Leader Ayatollah Ali Khamenei claims a new chapter is emerging in the Persian Gulf due to the 'shameful failure' of the United States in the region, citing shifting regional dynamics and weakening foreign influence.
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.
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.
Donald Trump has issued a stern warning to Iran, stating that the US will take a tougher stance if a diplomatic resolution regarding its nuclear programme is not reached soon.
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.
Defence Minister Rajnath Singh met his Chinese counterpart Admiral Dong Jun in Bishkek to discuss maintaining peace and tranquility along the Line of Actual Control (LAC) and broader regional security concerns.
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.
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.
Eid al-Fitr was celebrated across India with prayers for peace and brotherhood, alongside protests condemning US-Israel actions in West Asia.
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.
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.
