The fragile peace in West Asia has shattered. Following the collapse of the June memorandum of understanding, the U.S. and Iran have spiraled back into open conflict. With seven consecutive nights of U.S. airstrikes targeting Iranian infrastructure and retaliatory Iranian missile barrages hitting Kuwait, Jordan, and Qatar, the region is facing its most dangerous escalation yet.


West Asia on the brink of another major escalation; big claim on Iran war

The conflict between the United States and Iran has entered a dangerous new phase as both sides exchange large-scale military strikes across West Asia. According to Iranian state media, the Islamic Revolutionary Guard Corps (IRGC) launched Operation Nasr 2, firing advanced ballistic missiles, including Fateh, Fateh-110, and Zolfaghar missiles, targeting US military bases across the Gulf. Iran claims to have struck the US Fifth Fleet headquarters in Bahrain, along with facilities in Jordan and Kuwait. Meanwhile, the United States launched a fresh wave of airstrikes targeting military infrastructure in Bushehr, Bandar Abbas, Chabahar, Jask, Konarak, and Abu Musa, reportedly using one-way attack sea drones for the first time.

US-Iran conflict  | Iran fires ballistic missiles at US bases across gulf after fresh strikes

Oil prices climbed sharply after fresh fighting in the Gulf reignited concerns over global energy supplies. The renewed escalation has put the spotlight back on the Strait of Hormuz, a critical shipping route for global oil exports.


Asian markets slide as West Asia conflict escalates 

Global markets are reeling this week as a sudden flare-up in West Asia sends shockwaves through the financial world. Following President Trump’s declaration that the ceasefire with Iran is effectively over—triggered by fresh exchanges of strikes near the critical Strait of Hormuz—investors have pivoted toward "risk-off" sentiment.

Geopolitical tensions in West Asia trigger volatility this week 

Prime Minister Modi speaks with Iran's President Pezeshkian. Prime Minister Modi welcomed the understanding reached, and reiterated India’s consistent position that all issues must be resolved through dialogue and diplomacy. The Indian Prime Minister reiterated the need for continued efforts to ensure lasting peace and stability in the region, and for safeguarding freedom of navigation and commerce.


PM Modi holds telephonic conversation with Iranian President 

Indian Prime Minister Narendra Modi has been invited to attend the funeral ceremonies of Iran’s Supreme Leader Ayatollah Ali Khamenei, scheduled to begin on July 4. The development, if confirmed, is expected to draw significant global attention given Khamenei’s long-standing influence in Iranian and regional politics. As world leaders weigh their participation, diplomatic sensitivities and geopolitical implications are coming into sharp focus across international capitals.


Iran Invites PM Modi To Ayatollah Khamenei’s Funeral 

Iran on Wednesday described the agreement with the US to end the West Asia conflict as a "declaration of America's defeat". Iranian official Mohammad Bagher Ghalibaf said the deal reflected Iran's resilience and urged regional nations to take responsibility for Middle East security.

Iran calls agreement with US to end West Asia conflict 'declaration of America's defeat'

Trump issued his fresh warning after Leaders at the Group of Seven summit gave their support behind the tentative agreement of the US and Iran to open the Strait of Hormuz, extending a shaky ceasefire.

‘Nobody knows what it is, but it’s very strong’: Trump on US-Iran deal

The incident took place on June 10 when the MT Settebello, a Palau-registered oil tanker carrying 24 Indian crew members, was attacked about 30 nautical miles off the coast of Sohar, Oman.

Bodies of 2 Indian sailors killed in Gulf of Oman after US strike brought home

US President Donald Trump warned that “all hell will rain down” on Iran if it seeks a nuclear weapon. He said any future deal must ensure Tehran never acquires one. Iran, however, continues to insist its nuclear programme is peaceful despite concerns over its uranium stockpile.

Donald Trump warns ‘all hell will rain down’ if Iran pursues nuclear weapons

Israel is reportedly preparing one of its largest settlement expansion plans in years, a move that could further heighten tensions in the region and draw international scrutiny. The reported expansion has sparked concerns over the future of peace negotiations, Palestinian territories, and the broader geopolitical situation in the Middle East. Critics warn the move could deepen divisions, while supporters argue it strengthens Israel’s strategic and security interests.

Israel is Reportedly Preparing for One of Its Biggest Settlement Expansion Plans

US inventories and low Chinese imports eased global oil market pressure. However, ANZ reports China saved 60mbbl by cutting imports from 12.5 to 2.5 mb/d after the Hormuz closed. If China ramps up refining and stops relying on its 1.7bn bbl domestic stockpile, global supplies may tighten.

Global oil market could faces new crisis as China may increase imports, says reports

The US has been putting pressure on Israel to hold off on its attacks in Lebanon, allowing Washington a space for a regional deal with Iran. In response, Israel has sought to separate the two military fronts.

Israel strikes Iranian Petrochemical facilities after fresh missile exchange, Netanyahu to hold security meeting

The LPG price hike comes amid a broader rise in fuel costs, with petrol and diesel prices increasing by a cumulative ₹7.50 per litre since mid-May and CNG rates climbing by around ₹6 per kg.

Domestic LPG cylinder price hiked by ₹29, marking second increase in 3 months

Despite external headwinds, the RBI said India remains the world’s fastest-growing major economy, expanding by 7.6 per cent in 2025-26 compared with 7.1 per cent a year earlier.

RBI says West Asia conflict poses short-term risks to India’s growth and inflation, FY27 GDP growth projected at 6.9%

Following the latest hike, petrol in Delhi is priced at Rs 99.51 per litre, while diesel costs Rs 92.49 per litre. Despite the recent increases, oil companies are still facing under-recoveries of about Rs 13 per litre on petrol and Rs 38 per litre on diesel.

Another fuel price hike likely? BPCL flags energy disruption amid Iran conflicts

The proposed agreement reportedly stresses ending conflicts on all fronts, including in Lebanon. Under this reported clause, the Zionist regime, identified as a US ally, would also be required to end the war in Lebanon.

Iran outlines conditions for possible US deal: Oil sanctions relief, frozen funds release first; no talks on nuclear field now

The Trump administration has imposed sanctions on 11 companies across China and West Asia over alleged links to restricted activities and security concerns. The move escalates economic pressure amid rising geopolitical tensions, targeting firms accused of violating international rules and supporting sensitive operations.

Trump Admin Sanctions 11 Firms Across China & West Asia

German FM Johann Wadephul urged Iran to reopen the Strait of Hormuz and abandon its nuclear programme in a call with Abbas Araghchi, backing a negotiated solution in line with the United States.

Germany urges Iran to reopen Strait of Hormuz, abandon nuclear ambitions

Life in West Asia is slowly moving towards normalcy. Cities like Dubai are leading the effort to attract new investments despite weeks of uncertainty. But can the mega oil-rich economies of the Gulf ever go back to normal? This next report puts the spotlight on Dubai. Take a look.

Can Dubai Regain Its Shine as a Safe Haven?

The US has spent about $25B in its conflict with Iran, but reports suggest the real cost, factoring in damaged bases, weapons, and repairs, could reach $40–50B. Missile use, infrastructure losses, and rising regional tensions are deepening economic and energy crises.

$25B, $40B, $50B or more: Is US hiding its real spending on Iran conflict? Here's what we know

West Asia war and the Strait of Hormuz disruption hit South Asia’s fuel supply chains. Amid crisis, India and Bangladesh are rebuilding ties through energy, trade, and water cooperation, boosting regional stability.

Crisis as catalyst: Recalibrating India–Bangladesh ties

The Iran war is no longer just a regional conflict — its impact is now spreading across transportation, energy, industries and global financial markets. The closure of the Strait of Hormuz has disrupted one of the world’s most critical trade routes, sending oil and fuel prices soaring while forcing airlines and shipping companies to reroute operations. Industries dependent on energy and raw materials are facing rising costs, while stock markets remain volatile amid fears of inflation, recession and long-term supply chain disruption.


How War in West Asia Is Shaping the Global Economy

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West Asia on the brink of another major escalation; big claim on Iran war

West Asia on the brink of another major escalation; big claim on Iran war

US-Iran conflict | Iran fires ballistic missiles at US bases across gulf after fresh strikes

Asian markets slide as West Asia conflict escalates

Geopolitical tensions in West Asia trigger volatility this week

PM Modi holds telephonic conversation with Iranian President

Iran Invites PM Modi To Ayatollah Khamenei’s Funeral

Iran calls agreement with US to end conflict 'declaration of America's defeat'

‘Nobody knows what it is, but it’s very strong’: Trump on US-Iran deal

Bodies of 2 Indian sailors killed in Gulf of Oman after US strike brought home

Donald Trump warns ‘all hell will rain down’ if Iran pursues nuclear weapons

Israel is Reportedly Preparing for One of Its Biggest Settlement Expansion Plans

Global oil market could faces new crisis as China may increase imports: Reports

Israel strikes Iranian Petrochemical facilities after fresh missile exchange, Netanyahu to hold security meeting

Domestic LPG cylinder price hiked by ₹29, marking second increase in 3 months

RBI says West Asia conflict poses short-term risks to India’s growth & inflation

Another fuel price hike likely? BPCL flags energy disruption amid Iran conflicts

Oil sanctions, nuclear talks & more: Iran's conditions for possible US deal

Trump Admin Sanctions 11 Firms Across China & West Asia

Germany urges Iran to reopen Strait of Hormuz, abandon nuclear ambitions

Can Dubai Regain Its Shine as a Safe Haven?

$25B, $40B, $50B or more: Is US hiding its real spending on Iran conflict?

Crisis as catalyst: Recalibrating India–Bangladesh ties

How War in West Asia Is Shaping the Global Economy