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Iran allowed India and a number of other "friendly nations" including China and Russia to use the Strait of Hormuz for commercial shipping, Iranian Foreign Minister Seyed Abbas Araghchi has said.
Global oil and gas prices have surged after Iran virtually blocked the Strait of Hormuz, a narrow shipping lane between the Persian Gulf and the Gulf of Oman, that handles roughly 20 per cent of global oil and LNG (Liquefied Natural Gas).
West Asia has been a major source of India's energy procurement.
"We have permitted certain countries that we consider friendly to pass through (Strait of Hormuz). We allowed China, Russia, India, Iraq, and Pakistan to transit," Araghchi said, according to Iranian State TV.
At the same time, the Iranian foreign minister made it clear that ships linked to Iran's adversaries will not be allowed to transit through the strategic waterway.
"We are in a state of war. The region is a war zone, and there is no reason to allow the ships of our enemies and their .

The Strait of Hormuz is a narrow, 33-kilometre-wide maritime corridor between Oman and Iran but despite its size, it handles over 20 per cent of the world’s oil supply.

Strait of Hormuz

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Iran has publicly rejected Trump's diplomatic outreach and threatened massive retaliation if the US does put boots on the ground in a bid to break Tehran's will

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Iranian Foreign Minister Abbas Araghchi on Thursday said that they have permitted the passage of vessels for friendly countries, including India, through the Strait of Hormuz.Consulate General of Iran in Mumbai said in a post, "Iran FM Abbas Araghchi: We permitted passage through the Strait of Hormuz for friendly nations including China, Russia, India, Iraq, and Pakistan."This follows comments by the Secretary-General of the UN, Antonio Guterres, who called for the opening of the Strait of Hormuz.In a post on X, he said, "The prolonged closure of the Strait of Hormuz is choking the movement of oil, gas,  &  fertilizer at a critical moment in the global planting season. Across the region  &  beyond, civilians are enduring serious harm  &  living under profound insecurity. The UN is working to minimise the consequences of the war. And the best way to minimise those consequences is clear: End the war - immediately."Guterres urged the US and Israel to end the war in West ...

Strait of Hormuz, crude oil (Photo: PTI)

Analysts have revised their forecasts for oil & gas prices for the remaining part of 2026 as developments in West Asia continue to unfold.

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Here are the best of Business Standard's opinion pieces for today

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Rupee hit a record low of 93.94 on Monday as oil prices stay above $100/bbl amid Iran war, and FPI pulled out ₹1 trillion in 2026. Can INR fall to 100/USD? Analysts weigh in on outlook and risks

Rupee at record low

According to Shrikant Chouhan of Kotak Securities, JSL remains a leading integrated steel and mining player with strong operational capabilities

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Tehran termed the US proposal excessive, and said it would continue operations; it also outlined five conditions including security guarantees and control over the Strait of Hormuz

Donald Trump, Trump

India is among the most vulnerable to the war's fallout, with heavy dependence on imported crude and LPG, much of it routed via Hormuz, now facing disruptions and shortages

The ongoing tensions in West Asia are increasing crude oil prices and putting pressure on supply chains and household expenses in India.

Temasek-backed Manipal Hospitals has filed draft papers with Sebi for a mega IPO exceeding $1 billion. The issue includes a ₹8,000 crore fresh issue and a large offer-for-sale,

A global supply disruption is causing a commercial LPG crunch across India, forcing colleges to cut menus, and switch to electric or alternative cooking methods.

In this session Manisha Arora, Data Science Lead at Google, talks about data science. The opinions expressed are those of the speaker and do not represent the employer or any other organisations.

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