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  • India is intensifying diplomatic engagement with Iran amid the escalating conflict in West Asia.
  • The conflict and disruption around the Strait of Hormuz have impacted global energy supply chains.
  • India secured safe transit for two LPG tankers through the Strait of Hormuz despite the crisis.
  • Only a few countries, including China and Russia, have managed to move ships through the strait safely during the conflict.
  • India is the second-largest importer of liquefied petroleum gas (LPG) globally.
  • The country is currently facing shortages of LPG, which is widely used for cooking gas and industrial purposes.
  • India imports nearly 90% of its crude oil, making it vulnerable to global oil price shocks.
  • Crude prices above $100 per barrel could increase inflation and put pressure on the rupee.
  • India is simultaneously trying to maintain strong relations with the United States while managing ties with Iran.
  • The US recently allowed India to resume purchases of Russian oil after earlier restrictions.
  • The US remains India’s largest export market, and both countries are negotiating a trade agreement.
  • India is working to balance diplomatic relations between the US and Iran during the conflict.
  • Diplomatic discussions have increased between India and Iran to manage tensions and ensure energy security.
  • India allowed around 180 Iranian sailors docked in Kochi to return to their country.
  • One Iranian naval vessel, IRIS Dena, was destroyed in the Indian Ocean during the conflict.
  •  India’s diplomacy will be tested during its presidency of the BRICS. Iran wants BRICS to condemn military strikes by the US and Israel, creating a diplomatic challenge.
  • BRICS members Saudi Arabia and United Arab Emirates have also been targeted in the conflict, complicating consensus.
  • Member countries within BRICS are struggling to reach a unified stance on the ongoing conflict.The government believes the economy can withstand the energy crisis, although short-term impacts are expected.
  • A $6.2 billion economic stabilisation fund has been announced to manage potential economic shocks.
  • India receives about 40% of its remittances from nearly 10 million workers in the Middle East. The conflict could affect India through remittances, trade flows, supply chains and investments.