Page 2 - West Asia

PM Modi reiterates importance of Hormuz navigation in call with Iran Prez

Prime Minister Narendra Modi had a telephonic conversation on Tuesday with President of Iran Masoud Pezeshkian, who briefed him on the recent developments in West Asia and the way forward. The Prime Minister said he reiterated in his interaction with the Iranian leader the importance of freedom of navigation in the Strait of Hormuz for India and the world. Prime Minister Modi welcomed the understanding reached, and reiterated India's consistent position that all issues must be resolved through dialogue and diplomacy, a statement issued by the Prime Minister's Office (PMO) said. Modi reiterated the need for continued efforts to ensure lasting peace and stability in the region, and for safeguarding freedom of navigation and commerce. During the telephonic conversation, the President of Iran briefed Prime Minister Modi on the recent developments in West Asia and the way forward, the statement said. Modi also wrote on 'X': "Spoke with the President of Iran, Dr. Masoud Pezeshkian, on

Sustained Hormuz disruption may crowd out pvt capex in India: Report

Extended Strait of Hormuz disruption could fuel inflation, weaken the rupee, widen the current account deficit and crowd out private investment, says report

Global LNG trade could remain flat in 2026, says Shell Energy Outlook

Shell says normal shipping through the Strait of Hormuz could keep global LNG trade flat in 2026, with growth expected to resume in 2027 as new supply comes online

Customs duty exemption on key petrochemical imports extended till July 15

The extension, prompted by supply-chain disruptions arising from the West Asia conflict, will continue to provide relief to industries dependent on critical petrochemical imports

No Iran-US talks in coming days, Iran's foreign ministry spokesperson says

Iran says no talks with the US are scheduled, clarifying its delegation's Qatar visit is unrelated and that priority remains implementing the existing MoU

Sensex, Nifty fall amid West Asia concerns, weak monsoon and profit booking

The BSE Sensex on Monday ended the session at 76,728, down 372 points, or 0.5 per cent, while the Nifty ended the session at 23,946, a drop of 110 points or 0.5 per cent

West Asia conflict pushes housing sales in metros down 6% in Apr-Jun

Residential sales across the top seven cities fell to 90,715 units in Q2 2026, while new launches rose 7 per cent as developers continued to add inventory despite uncertainty

Trump claims Iran requested meeting; Iranian officials deny talks are fixed

President Donald Trump said Monday on social media that Iran had requested a meeting with US counterparts, though one of Iran's top negotiators said no further talks had been scheduled after attacks across the Persian Gulf over the weekend challenged negotiations to end the war. The US president has tried to preserve an increasingly fragile interim deal as hostilities have mounted in recent days in the Strait of Hormuz, through which a fifth of the world's oil had been shipped before the war began. Trump said the meeting with Iran would happen on Tuesday in Doha, Qatar. But Kazem Gharibabadi, a senior negotiator for Iran, denied any talks had been scheduled. The US and Iran agreed to a deal earlier this month that calls for Tehran to dilute its stockpile of enriched uranium, and waives US-backed sanctions on the country while opening the Strait of Hormuz and giving each side 60 days to hammer out broader agreements. Oil prices fell sharply after the signing of the interim deal, but

Govt to lift curbs on petrol, diesel sales to commercial buyers from July 1

On June 12, the government had prohibited industrial and commercial consumers from purchasing petrol and diesel from retail outlets, directing them to source fuel from designated consumer pumps

West Asia conflict may push Indian airlines' FY27 losses to ₹38K cr: ICRA

ICRA has raised its FY27 airline loss estimate to Rs 36,000-38,000 crore and cut traffic growth forecasts, citing higher ATF prices, a weaker rupee and lease costs

Air India may restore flights as West Asia situation improves: CEO

Wilson was referring to the network rationalisation Air India undertook because of the West Asia conflict, which started on February 28 when Israel and the US attacked Iran

Oil heads for steep weekly losses as Hormuz tanker traffic gathers pace

Brent and WTI fall about 3 per cent as supply concerns ease with higher tanker movements through the Strait of Hormuz despite fresh security risks in the region

Bajaj Auto's CNG bike dream runs low on fuel amid West Asia crisis

India's only CNG bike maker Bajaj Auto sees demand sputter as the petrol-CNG price gap narrows

Israel insists on troops in Lebanon; Rubio defends Iran deal in W Asia

Israel says troops will stay in southern Lebanon despite US-backed talks, complicating Iran-US peace efforts as disputes over nuclear inspections persist

Best of BS Opinion: RBI strategy, Greenspan's legacy, and Kolkata's renewal

Today's opinions explore India's forex reserve strategy, Alan Greenspan's complex legacy, West Bengal's urban renewal agenda, maize-led farm growth and China's coercive diplomacy

11 India-bound ships crossed Hormuz after US-Iran peace MoU: MEA

Eleven India-bound ships have transited through the Strait of Hormuz after the US and Iran finalised a Memorandum of Understanding (MoU) to end the West Asia conflict, the Ministry of External Affairs (MEA) said on Tuesday. With the US withdrawing sanctions on Iranian petroleum products as part of the peace deal, New Delhi said it is monitoring the developments in West Asia and that its energy sourcing is guided by national interest. "As of today, we have 10 Indian-flagged vessels still in the Persian Gulf region. In addition, two have recently arrived there," MEA spokesman Randhir Jaiswal said at a media briefing. "Since the signing of the MoU on June 17, 11 India bound vessels have transited through the Strait of Hormuz," he said. The vessels include three Indian-flagged crude oil tankers, each carrying over 285,000 MT (Metric Tonnes) of crude oil; one foreign-flagged LPG carrier, one foreign-flagged crude oil tanker and six foreign-flagged bulk carriers , carrying fertilisers, h

India must diversify energy routes, not just suppliers: S&P Global Energy

India's energy security depends on diversifying both suppliers and transport routes as West Asia tensions expose risks linked to the Strait of Hormuz

India welcomes US-Iran pact with cautious optimism: NSA Ajit Doval

Addressing the BRICS NSA meeting, Doval said the US-Iran agreement could stabilise energy security and ease supply-chain pressures on key commodities

US, Iran offer conflicting accounts of nuke talks as deal efforts continue

Trump says Iran agreed to inspections; Tehran refutes claims

Marc Faber sees 20% fall in Indian markets, prefers to stay in cash

Marc Faber, editor and publisher of 'The Gloom, Boom & Doom Report', says that his advice is to stay in cash and bonds for now