India, Iran to discuss Hormuz safe passage at BRICS meet in New Delhi: Report

India and Iran will likely hold talks on safe navigation of Indian flagged ships carrying energy through the Strait of Hormuz, on the sidelines of the BRICS Sherpa and foreign ministers' meetings in New Delhi this week, Economic Times reported. Over the past few weeks, India has found it challenging for its ships to navigate the strait and bilateral talks on the issue have not yielded any solution so far, said people familiar with the issue.

Iran's deputy foreign minister, who will attend the BRICS Sherpa meeting, may also represent his country at the meeting of foreign ministers if Iran's foreign minister Seyed Abbas Araghchi is unable to attend the conference on May 14-15, the ET report added.

With roughly 40 to 50 India-bound ships stranded west of the Strait of Hormuz and bilateral talks so far failing to produce a lasting solution, New Delhi is turning to the margins of this week's BRICS meetings to push for a breakthrough on one of its most pressing energy security challenges.

According to a report by the Economic Times, citing people familiar with the matter, India and Iran will hold dedicated conversations this week on the movement of Indian tankers that have been unable to navigate the strait since the outbreak of the US-Israeli war on Iran at the end of February. The talks are expected to take place on the sidelines of both the BRICS Sherpa meeting and the foreign ministers' conference scheduled for 14 to 15 May in New Delhi.

The strait is the gateway through which approximately 40 per cent of India's crude oil imports and 90 per cent of its liquefied petroleum gas supplies pass. Its near-closure since the start of the war has created an acute vulnerability at the heart of India's energy supply chain.

"We have seen forward movement and, as a result of forward movement, diplomatic engagement and conversations with the Iranian side, so far 11 Indian ships have exited the Strait of Hormuz," Jaiswal said. "Thirteen ships continue to be there in the Persian Gulf, and we continue to be in touch with the Iranian authorities, so that the remaining ships can also cross the Strait of Hormuz and come to India, which is their destination."

The BRICS meeting this week represents the next opportunity to advance those conversations at a senior diplomatic level.

Iran's Foreign Minister Seyed Abbas Araghchi may not attend the foreign ministers' conference on 14 to 15 May if tensions in the Persian Gulf escalate further, the Economic Times reported, citing people familiar with the matter. In that event, Iran's deputy foreign minister, who is already scheduled to attend the BRICS Sherpa meeting, is expected to represent Tehran at the foreign ministers' session as well.

"I have just read the response from Iran's so-called 'Representatives.' I don't like it -- TOTALLY UNACCEPTABLE!" Trump said.

Iran had responded to Washington's latest peace proposal on Sunday, warning it would not hold back from retaliating against any new US strikes and would not permit additional foreign warships into the Strait of Hormuz. The breakdown sent oil markets sharply higher. Brent crude futures advanced as much as 4.6 per cent to 105.99 dollars a barrel, while West Texas Intermediate traded near 100 dollars a barrel.

"Optimism over an imminent deal between the US and Iran has faded, pushing crude higher," said Warren Patterson, head of commodities strategy for ING Groep NV in Singapore. "Fears will likely grow over the potential for re-escalation once again, leaving further upside to prices."

Israeli Prime Minister Benjamin Netanyahu, whose forces launched the war on Iran alongside the United States on 28 February, added his own condition to any potential end to the conflict, insisting that Iran's nuclear infrastructure must be fully eliminated before hostilities can cease.

"It's not over, because there's still nuclear material -- enriched uranium -- that has to be taken out of Iran. There's still enrichment sites that have to be dismantled," Netanyahu told CBS's 60 Minutes.

Saudi Aramco chief executive Amin Nasser said on Sunday that energy markets would only normalise in 2027 should shipping through the Strait of Hormuz remain curtailed for more than a few weeks from now. The company has redirected some oil flows through its Yanbu port on the Red Sea coast to offset lost supplies.