India on Friday launched a highly coordinated, priority operation to safely guide 13 Indian-flagged commercial vessels out of the volatile Strait of Hormuz, the ministry of ports, shipping, and waterways announced on Friday.
Indian stock markets experienced a significant sell-off, with the Sensex tumbling over 1,300 points, driven by escalating crude oil prices due to US-Iran tensions and Prime Minister Narendra Modi's call for austerity measures, which amplified investor concerns about India's economic outlook.
India has significantly reduced Aviation Turbine Fuel (ATF) prices for international airlines by 27% due to easing global fuel benchmarks, while simultaneously increasing commercial LPG and 5-kg cylinder prices to record highs.
Analysts predict that the ongoing conflict in West Asia, crude oil price fluctuations, and the US Federal Reserve's interest rate decision will significantly influence the Indian equity market this week.
Calling such reports baseless, Finance Minister Nirmala Sitharaman said there was no such move under consideration.
India has expressed 'deep worry' and strongly protested to the US after three merchant ships carrying Indian crew members came under attack from the American military off the coast of Oman in four days, resulting in the deaths of three Indian seafarers.
Amid rising tensions, Iran reportedly launched ballistic missiles toward a US-UK military base, prompting concerns about regional stability and the potential for escalating conflict in the Middle East.
India and the United States have reviewed progress on a proposed interim bilateral trade agreement, discussing market access, digital trade, and non-tariff barriers, as they race to finalise a deal before a temporary 10 per cent US tariff regime expires on July 24.
Iran has asserted that maritime movement through the Strait of Hormuz will be strictly controlled by Tehran, stating that passage will be allowed only through designated routes and under Iranian approval.
Amid rising tensions in West Asia, China is urging all parties to cease military operations, following Trump's appeal for help in securing the Strait of Hormuz.
The US and Iran have agreed on a roadmap aimed at reaching a final agreement within 60 days after hours-long talks at the Swiss resort of Burgenstock, mediators Qatar and Pakistan said on Monday, describing the progress as "encouraging."
'When I look at India's relative valuations, these are by far the lowest I have seen in my 35-year career.' 'The relative 12-month trailing performance is among the weakest I have seen, and foreign investor positioning is at a 16-17 year low.'
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.
Union Finance Minister Nirmala Sitharaman has warned that the ongoing West Asia crisis is not merely a geopolitical issue but will directly lead to higher fuel costs for common people and businesses, impacting shipping, input availability, and export orders.
Is the current rally telegraphing a durable peace plan in West Asia, boosted by United States (US) President Donald Trump's incoherent and contradictory posts on social media?
Prime Minister Narendra Modi held a virtual meeting with chief ministers to review preparedness and plans in light of the West Asia conflict, emphasising the importance of national unity and enhanced security measures.
The Trump administration has announced a temporary authorisation for countries to purchase Russian oil stranded at sea, aiming to stabilise global energy markets amid rising oil prices and tensions with Iran.
S&P Global Ratings warns that a sustained rise in crude oil prices to $130 per barrel could significantly slow India's economic growth, weaken fiscal metrics, and strain corporate and banking sector performance, potentially reducing growth by up to 80 basis points.
Falling debris from an intercepted Iranian drone caused a 'limited fire' at Saudi Aramco's Ras Tanura refining facility in Saudi Arabia, Saudi Defence Ministry spokesperson Turki Al-Maliki said, according to Al Arabiya.
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.
Fuel prices have risen by about Rs 7.5 per litre since May 15, as global crude oil prices surged due to the ongoing conflict in West Asia and supply concerns around the Strait of Hormuz.
"There is a sharp jump that we have seen in bookings of EVs... The jump, at least in our case, in just two months, it is about 2 to 2.5 times of what it used to be"
The government is identifying households with both liquefied petroleum gas (LPG) and piped natural gas (PNG) connections to enforce a ban on dual ownership, aiming to curb misuse and better target subsidies amid global energy supply disruptions.
Russian Foreign Minister Sergei Lavrov will visit Beijing to discuss the West Asia conflict, the Strait of Hormuz blockade, and bilateral relations with Chinese leaders.
Chief Economic Advisor V Anantha Nageswaran stated that India's economy is projected to return to a 7 per cent-plus growth trajectory by 2027-28 (FY28), or sooner if external conditions improve, despite near-term challenges from the West Asia crisis.
Indian stock markets are set to be influenced by ongoing developments in the US-Iran conflict, fluctuations in crude oil prices, and the latest quarterly earnings reports from major corporates, with foreign investor activity also playing a crucial role.
The Reserve Bank of India has increased its retail inflation projection for 2026-27 to 5.1 per cent, up from an earlier estimate of 4.6 per cent. This revision is primarily attributed to mounting input costs, driven by the pass-through of higher global energy prices to domestic petrol and diesel rates, which have seen significant increases since May.
'It's very important for India to retain its sovereignty. India should not sign any agreement which compromises its sovereignty.'
The United States and India are on the verge of finalising a landmark bilateral trade deal, aiming to boost trade to USD 500 billion by 2030, according to US Deputy Assistant Secretary of State Bethany Poulos Morrison. The agreement seeks to open India's 1.4 billion-strong market to American goods on reciprocal terms, with ongoing high-level discussions to recalibrate the pact after recent changes in US tariff policy.
The case for long-term investment in gold, however, remains intact.
State-run Bharat Petroleum Corporation Ltd (BPCL) plans a significant capital expenditure of 25,000 crore for the financial year 2026-27, primarily for ongoing expansion projects. The company also stated that the recent 4-per-litre price hike in petrol and diesel has provided some financial relief amidst volatile crude oil prices and mounting losses.
An oil tanker carrying Saudi crude safely reached Mumbai after crossing the war-hit Strait of Hormuz with its tracking system briefly switched off.
Markets face risk of a prolonged bear phase as oil shocks and geopolitical tensions test inflation, growth and investor confidence globally, points out Debashis Basu.
India will maintain multiple sources for crude oil purchases and diversify them to ensure stability in the supply chain with national interests remaining the "guiding factor" for the procurement, Foreign Secretary Vikram Misri said.
Kumar Mangalam Birla urged young people to 'build in India, build for India and build for the world'.
Companies are already diversifying sourcing, raising prices, and reworking operating models as the disruption drags on.
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.
Hundreds of Indian seafarers are stranded on vessels carrying crude oil, LPG, and LNG in the Persian Gulf due to the ongoing conflict in the Middle East, causing disruptions to India's energy supplies.
Qatar has extended support to India's demand for long term crude oil supply contract from the Gulf countries, saying it will impart greater stability in the market.
A vessel carrying 20,000 metric tonnes of Liquefied Petroleum Gas (LPG) arrived at Deendayal Port Authority in Kandla, Gujarat, after crossing the Strait of Hormuz amid the West Asia crisis.
