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India will host the BRICS summit in New Delhi on September 12-13 as divisions between Iran and the UAE, the Iran war and China-India ties test the expanded bloc's unity.
The Trump administration has launched an “economic D-Day” campaign aimed at isolating Iran from the global economy, putting pressure on major trading partners including China, the UAE, Turkey, Iraq and India.
JPMorgan CEO Jamie Dimon has urged Washington to consider India’s refinery requirements and the wider impact on global oil markets before imposing further measures on buyers of Russian crude. His comments come as a new US law gives President Donald Trump authority to impose tariffs of up to 100% on major buyers of Russian oil.
Brent crude climbed above $100 a barrel for the first time since July as attacks on Iranian tankers and Saudi energy facilities intensified fears of wider supply disruptions.
Fuel prices rise sharply in India as Nayara Energy increases petrol and diesel rates, triggering panic buying amid global supply disruptions linked to the Iran-US conflict.
India has secured $136.38 billion in foreign currency inflows through special schemes, far exceeding expectations and giving the Reserve Bank of India greater firepower to support the rupee amid global economic pressures.
Iran-aligned Houthi forces have captured Yemen’s strategic Perim Island in the Bab al-Mandab Strait, tightening their grip on a critical Red Sea shipping route and increasing risks for Saudi oil exports and global energy markets.
China has condemned the United States' planned expansion of sanctions against Iran and its trading partners, warning that Beijing will take necessary steps to protect its interests amid rising tensions between Washington and Tehran.
Iran issues a strong warning ahead of a US naval blockade, saying no Gulf port will be safe as tensions escalate and global oil markets react sharply.
India is preparing to host a high-stakes BRICS summit on September 12 and 13, with Russian President Vladimir Putin, Chinese President Xi Jinping and Iranian President Masoud Pezeshkian among the key leaders expected to attend. The Middle East conflict is likely to complicate negotiations as New Delhi seeks consensus among an increasingly diverse BRICS bloc.
Iran and Oman have reached initial understandings on how to manage parts of the Strait of Hormuz and share potential revenues, according to Iran’s Revolutionary Guards, although a senior Iranian source later said the deal has not yet been fully finalized.
An expert warns the US failed to take Iran’s Strait of Hormuz threat seriously, as tensions rise and fears grow over potential disruption to global oil shipping.
