NIFTY23,4060.33%
SENSEX74,3460.41%
BANKNIFTY54,1860.88%
NIFTY IT29,3845.57%
PHARMA24,0870.33%
AUTO26,0930.05%
FMCG48,1241.01%
METAL13,5350.17%
REALTY762.601.39%
ENERGY40,1970.02%
NIFTY23,4060.33%
SENSEX74,3460.41%
BANKNIFTY54,1860.88%
NIFTY IT29,3845.57%
PHARMA24,0870.33%
AUTO26,0930.05%
FMCG48,1241.01%
METAL13,5350.17%
REALTY762.601.39%
ENERGY40,1970.02%

Iran Welcomes India's Peace Initiative in West Asia, Cites UAE as Block to BRICS Consensus

Iranian Deputy Foreign Minister Kazem Gharibabadi expressed support for any peace initiative by India to stabilize the West Asia region during a visit to New Delhi on Wednesday. Gharibabadi stated that Iran would welcome any effort by India aimed at restoring peace and stability in the region.

Gharibabadi claimed that a single BRICS member country, the United Arab Emirates, was blocking consensus within the grouping over the ongoing regional conflict. India, as the current chair of BRICS, has maintained an "impartial" approach, according to Gharibabadi. He expressed hope that New Delhi's leadership of the bloc would be successful.

Iran has not attacked neighboring countries, Gharibabadi said, but rather, they have allowed the United States to use their territories to launch attacks on Iran. He argued that it was unfair to condemn Arab countries for allowing US military bases on their territory.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Upcoming BRICS Foreign Ministers' Conclave

The BRICS foreign ministers' conclave, hosted by India, is expected to dominate discussions on the conflict in West Asia and its impact on global energy supplies. The two-day meeting will be chaired by External Affairs Minister S. Jaishankar and will feature Iranian Foreign Minister Abbas Araghchi and Russian Foreign Minister Sergey Lavrov among other leaders.

Iran's Position on Strait of Hormuz

Gharibabadi spoke about the Strait of Hormuz, saying that Tehran would reopen the critical shipping route if the United States lifted its blockade of Iranian ports, ended the war, and released frozen Iranian assets. Iran is working with Oman on a new framework for the movement of merchant vessels through the strait in line with international standards.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

CountryOil and LNG Supplied (per cent)
Iran20
Other countries80

The Strait of Hormuz remains one of the world's most important maritime trade routes, handling roughly 20% of global oil and LNG supplies. Global energy prices have surged after Iran effectively restricted passage through the waterway amid the conflict.

US Accused of Lacking Seriousness in Diplomacy

Gharibabadi accused the United States of lacking seriousness in pursuing diplomacy to end the war. He argued that Washington had suffered a strategic setback in the conflict. The deputy foreign minister reiterated Iran's commitment to the Chabahar Port project, while saying it was up to India to decide how it wanted to proceed given continuing US sanctions linked to the project.

BRICS Expansion

Originally formed by Brazil, Russia, India, China, and South Africa, BRICS expanded in 2024 to include Egypt, Ethiopia, Iran, and the UAE, with Indonesia joining the grouping in 2025.

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