The US-Iran conflict remains a major global-market focus, although diplomatic efforts have provided some hope of de-escalation. Qatar said mediators were making progress in efforts to end the conflict, while discussions have centred on arrangements that could eventually help restore safe passage through the strategically important Strait of Hormuz.
The Strait is crucial for global energy shipments, meaning any prolonged disruption could affect crude supplies, freight costs and inflation worldwide. For India, the outcome is particularly important because higher energy and shipping costs can put pressure on the rupee, inflation and corporate margins. Markets are therefore expected to react sharply to any fresh military or diplomatic development.
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