Jaishankar emphasised that the stability of the Middle East region was essential because about one crore Indian citizens live there and said, "a large part of our shipping passes through this region and also, oil comes from there."
India also advised its citizens to avoid all non-essential travel to Iran.
United States President Donald Trump on Tuesday said 'we' now have 'complete and total control of the skies over Iran' and 'we know exactly where the so-called 'Supreme Leader' is hiding'.
The Israel-Iran conflict has entered a 'decisive phase' after the United States bombed three major Iranian nuclear sites Sunday morning, feel strategic affairs experts with some of them arguing it was Washington, DC's 'responsibility' to not get involved in the military standoff.
After registering a positive growth for two months, India's exports slipped into negative territory again, contracting 2.17 per cent year-on-year to $38.73 billion in May due to a fall in global petroleum prices, while trade deficit narrowed at $21.88 billion during the month.
Worries related to the Iran-Israel conflict, quarterly earnings and foreign investors' trading activity are the key factors that would dictate stock markets this week, analysts said. Besides, trends in Brent crude oil and movement of the rupee against the dollar will also be crucial factors. This week will be crucial for the market amid ongoing worries about the conflict between Iran and Israel, said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
The era where nations thrived through rigid alignments is giving way to an age where the connective State defines power. For India, that era has arrived, points out Dr Nishakant Ojha.
A year after a Hamas attack against Israel on October 7 and the ensuing Israeli invasion of the Gaza Strip, India's trade with most West Asian countries has largely escaped any major disruption, except with countries like Israel, Lebanon, and Jordan. However, repeated flare-ups of geopolitical tensions in the region continue to drive up shipping and logistics costs.
India's net oil import bill could widen to $101-104 billion in current fiscal from $96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil imports is estimated to have led to savings of $7.9 billion in 11 months (April-February) of 2023-24, up from $5.1 billion in 2022-23.
'As the markets are expected to remain jittery in the near term, we advise investors to use this opportunity to enter quality largecaps from a long-term perspective.'
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.
As tensions continue to rise, the Israeli public remains on high alert, bracing for the possibility of further incidents.
Out of 24,230 IIT and NIT grads, about 8,000 students didn't find any takers during campus placement drives this year.
The increase in India's military spending was "mainly a result of growing personnel and operations costs" which made up almost 80 percent of the total military budget in 2023, the SIPRI report claimed.
Taking a dig at Pakistan without naming it, Prime Minister Narendra Modi on Friday said a country which was a supplier of aatank (terror) is struggling for aata (flour) these days.
Trump becomes first sitting US President to pray at the Western Wall.
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