External affairs minister S Jaishankar spoke on Sunday with Iran’s foreign minister Abbas Araghchi as fighting and diplomatic manoeuvring across the Middle East sharpened pressure on regional governments and major energy importers alike. Jaishankar said only that the two men had discussed “the present situation”, offering no further detail, but the timing of the call underscored how closely New Delhi is tracking a conflict that has widened well beyond Iran and Israel. The exchange came as the Gulf remained on edge over the closure and partial disruption of the Strait of Hormuz, the world’s most critical oil shipping chokepoint, and as back-channel efforts gathered pace over a possible pause in hostilities. Reuters reported that mediators were pushing for a 45-day ceasefire between the United States and Iran, even as Washington’s rhetoric hardened and military pressure continued.
Jaishankar’s brief public comment reflected a familiar diplomatic pattern: keep channels open, avoid inflammatory language and preserve room for manoeuvre while events remain fluid. That approach matters because India has a layered stake in the crisis. It relies heavily on imported crude, has deep economic and diaspora links across the Gulf, and must also weigh maritime security as insurance costs, freight risks and energy prices respond to each new escalation.
Oil markets offered an immediate measure of the strain. Brent crude traded above $109 a barrel on Monday, while traders continued to assess the consequences of a prolonged disruption in Hormuz. OPEC+ has announced a modest output increase for May, but Reuters said much of that rise was symbolic because war-related disruption has limited the ability of several Gulf producers to move additional barrels smoothly. The result is a market shaped less by formal production targets than by the security of shipping lanes, the durability of infrastructure and the political calculations of states drawn into the confrontation.
For New Delhi, the stakes extend beyond commodity prices. Earlier in March, Reuters reported that an Indian source said Iran would allow India-flagged tankers to pass through the strait, though the situation remained uncertain and neither side publicly described any settled guarantee. That ambiguity has been central to the broader crisis: governments are trying to secure limited protections for trade and shipping while avoiding the impression that normal conditions have returned.
Araghchi has emerged as one of Tehran’s main diplomatic voices during the confrontation, speaking with foreign counterparts as Iran seeks political support, or at least wider understanding, while under sustained military and economic pressure. China has also stepped up its exchanges, with foreign minister Wang Yi telling Russia’s Sergei Lavrov that Beijing was ready to work through the UN Security Council to help reduce tensions and pursue a ceasefire. That points to a wider diplomatic contest now running alongside the battlefield: who can shape the terms of de-escalation, protect trade routes and frame the legitimacy of future negotiations.
Military developments remain the dominant driver. Reuters and the Associated Press reported continuing strikes across Iranian cities, missile attacks affecting Israel, and threats by US President Donald Trump to intensify action if Tehran does not reopen Hormuz. Iran has also claimed attacks on vessels linked to Israel in the strait, adding another layer of risk for commercial traffic and insurers. Each episode raises the danger that what began as a direct military confrontation could harden into a longer conflict with distinct Gulf, Levant and maritime theatres.
India’s response so far has been measured rather than theatrical. There has been no suggestion that the Jaishankar-Araghchi call produced a breakthrough, nor any sign that New Delhi wants to advertise a mediating role beyond its capacity. Yet the call still carries significance. It shows that India remains engaged with all sides necessary to protect its interests, including energy flows, shipping access and the safety of citizens across the region.
That balancing act has become harder as the crisis spreads into Gulf economies. Reuters reported subdued stock markets across the region after Iranian strikes on petrochemical facilities in the UAE, Kuwait and Bahrain deepened investor anxiety. The UAE has meanwhile said that free use of Hormuz must be guaranteed in any eventual arrangement involving Washington and Tehran. Such statements reflect a regional consensus that the immediate war cannot be separated from the wider question of how commerce, oil exports and state security will function once active fighting eases.