Indian Prime Minister Narendra Modi has stressed the importance of keeping shipping lanes open and secure in a call with Iran’s President, Ahmad Masoud Pezeshkian.
Modi also condemned attacks on critical infrastructure in the region, which are threatening regional stability and disrupting global supply chains. The Indian prime minister said he “reiterated the importance of safeguarding freedom of navigation and ensuring that shipping lanes remain open and secure”, according to a statement on X.
India relies on the Middle East for nearly half of its crude, two-thirds of its liquefied natural gas and almost all of its liquefied petroleum gas imports, making it one of the countries most exposed to the crisis in the region. Earlier this month, Modi said he spoke to Pezeshkian as India looked for ways to secure the safe passage of tankers through the Strait of Hormuz.
Surging oil prices and acute gas shortages are rippling through India’s economy as the Iran war drags on, disrupting industries and prompting analysts to cut growth forecasts while warning of rising inflation. The disruption has triggered a cooking gas crisis affecting households, hotels and restaurants, while industries that rely on LPG are shutting down operations.
Bloomberg