The United States and Iran have reached an agreement in principle to immediately and permanently halt all military operations, lift sanctions, and work towards a comprehensive final agreement within 60 days, including a significant reconstruction package for Iran.
Formerly Iran's second-largest oil customer, Indian financial institutions were forced to withhold crude oil payments following the 2018 US sanctions.
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.
Russian President Vladimir Putin asserted that any attempts to undermine India's sovereignty through 'threats of sanctions' would 'boomerang immediately' under Prime Minister Narendra Modi's leadership, highlighting India's sovereign decision-making and strong national interests.
A potential agreement between the United States and Iran, including a comprehensive ceasefire and gradual lifting of US sanctions, may be announced soon, according to reports. The agreement aims to de-escalate tensions and establish a framework for resolving disputes.
US President Donald Trump claimed on Tuesday that Tehran has consented to long-term, comprehensive monitoring of its nuclear infrastructure. Concurrently, Washington will ease shipping constraints in the Strait of Hormuz and release bound financial concessions, subject to stringent American oversight.
United States President Donald Trump and Iranian President Masoud Pezeshkian have virtually signed a 14-point memorandum of understanding (MoU) to end hostilities, reopen the Strait of Hormuz, and begin a 60-day negotiation process on sanctions and Iran's nuclear programme.
The BRICS foreign ministers' meeting in New Delhi concluded without a joint statement due to disagreements over the West Asia conflict, with Iran blaming the UAE for the lack of consensus. India, as the host, issued a chair's statement highlighting the differing views.
Earlier, Israeli Prime Minister Benjamin Netanyahu also declared that Iran would never be allowed to acquire nuclear weapons, regardless of any agreement.
The United States and Iran are scheduled to hold their initial round of talks in Switzerland on Friday, following a ceasefire agreement virtually signed by US President Donald Trump and Iranian President Masoud Pezeshkian.
We have built an economy that can deliver everything -- from iPhones to biryani -- to a doorstep in 10 minutes, but it cannot deliver a fire engine through a lane in 20, points out Amit Kapoor.
For the foreseeable future, the most likely outcome remains continuation of the status quo. Taiwan will remain self-governing without formally declaring independence, while China continues to apply sustained pressure short of war, predict Krishnan Srinivasan and Manoj Mohanka.
Iran has put forward a comprehensive 10-point framework that it says forms the basis of a complete resolution.
External Affairs Minister S Jaishankar has strongly defended India's decision to purchase Russian crude oil, stating that the country's energy choices are based on cost and availability, and highlighting the West's 'hypocrisy' in criticising India while historically supplying weapons used against it.
US President Donald Trump has claimed that China has committed to halting weapon supplies to Iran, following his personal diplomatic interventions with Chinese President Xi Jinping.
Tensions in West Asia have dramatically escalated as Israel launched targeted military operations against Iran, triggering widespread blasts across strategic cities, following earlier Iranian projectile attacks on Israel.
'Actual implementation of the 14-point agreement is proving hard to achieve let alone striking and sustaining a long-term treaty or deal.'
US Special Envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi are reportedly heading to Switzerland for a new round of US-Iran negotiations, following a recently announced memorandum of understanding to end hostilities in West Asia and a ceasefire between Israel and Hezbollah.
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.
Following the signing of a 14-point Memorandum of Understanding (MoU) with Iran, US President Donald Trump reiterated the terms for a 60-day negotiation period, vowing that Tehran will receive "not ten cents" in financial relief.
India's procurement of Venezuelan crude oil has picked up momentum since April and the South American nation has already emerged as the third largest oil supplier to the country.
Pakistan Prime Minister Shehbaz Sharif announced that a US-Iran peace deal is on the verge of finalisation, potentially within the next 24 hours, marking a significant diplomatic breakthrough after months of intense negotiations.
US Vice President JD Vance on Friday dismissed reports suggesting that Iran would receive financial incentives merely for signing the peace deal between Washington and Tehran aimed at ending the hostilities in West Asia, calling such claims "fake information".
A source familiar with US Treasury Secretary Scott Bessent's thinking revealed on Saturday that the department "intends to utilise all available authorities to make Iranian assets accessible for rebuilding and repair efforts related to any future damage inflicted by Iran."
The US Department of the Treasury on Wednesday imposed sanctions on Russia's two largest oil companies, Rosneft and Lukoil, in an effort to pressure the Kremlin to end its war in Ukraine.
India significantly increased its crude oil imports from Russia and the United Arab Emirates in June, securing supplies as the Strait of Hormuz began to reopen, with Russian barrels remaining attractive due to discounts and UAE supplies offsetting earlier uncertainties.
The popularity of US President Donald Trump is waning with approval ratings at its lowest, according to former diplomat Mahesh Sachdev, who notes that with two-thirds of Americans not approving of a continuation of the war on Iran, Trump faces the risk of being impeached.
Reliance Industries Ltd (RIL) has expressed caution regarding 'extreme volatility' risks stemming from the West Asian conflict, which could impact global oil demand and the company's margins, while also noting that near-term retail consumption demand may remain sensitive to macro conditions. Chairman Mukesh Ambani, in the annual report, remained silent on the timeline for Jio Platforms' anticipated public listing, stating the group will 'continue to evaluate strategic pathways'.
India has seized three US-sanctioned oil tankers linked to Iran and increased surveillance in its maritime zone to curb illicit trade.
In a significant diplomatic development, US and Iranian negotiators have reportedly reached a tentative 60-day memorandum of understanding (MoU) aimed at extending a fragile ceasefire and paving the way for formal talks regarding Iran's nuclear programme.
In a lengthy post on Truth Social, Trump said negotiations with Iran were 'proceeding nicely' and argued that several Muslim and Arab nations should formally recognise Israel and join the Abraham Accords once a deal is reached.
Following the deaths of 15-18 people in Pune and Pimpri Chinchwad due to spurious liquor, the Maharashtra government has suspended 22 police and excise department personnel for failing to act against the illegal liquor trade. Financial assistance has been announced for the victims' families, and a statewide crackdown on illicit liquor is underway.
The 2026 FIFA World Cup, co-hosted by the United States, Mexico, and Canada, is set to be football's largest tournament but will unfold against a backdrop of significant geopolitical tensions, including conflicts, strained alliances, and complex immigration policies, challenging its traditional role as a symbol of global unity.
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.
Tensions escalate as Iranian forces attack a container ship in the Strait of Hormuz after Trump announced the ceasefire extension.
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.
Iran has presented a multi-layered proposal to the US in an attempt to break the deadlock in peace talks, focusing on de-escalation and nuclear programme discussions.
The US has threatened to prosecute those buying or selling sanctioned Iranian oil and has announced a blockade of the Strait of Hormuz after peace talks failed.
'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.'
