Prime Minister Narendra Modi on Monday welcomed the peace deal finalised between the United States (US) and Iran, as he reiterated India's call for peace and stability in West Asia.
In a post on micro-blogging site X (previously Twitter), the prime minister said he also hopes that the peace agreement, finalised following days of intense negotiations, will help in ensuring the freedom of navigation and commerce, referring to the reopening of Strait of Hormuz.
He also said India is looking forward to deliberations on the remaining issues reaching a sustainable final agreement.
"I welcome the understanding reached between the United States and Iran on ending the conflict in West Asia, which has caused serious economic disruption across the world and led to loss of life in many countries," he said.
The US-Iran conflict and the peace deal
The conflict in the Middle East started on February 28, which led to the killing of Iran's Supreme Leader Ayatollah Ali Khamenei. But now the three-month-long conflict is likely coming to an end, with Washington and Tehran agreeing on a peace proposal.
The agreement, which will be formally signed on June 19 likely in Geneva, will end all hostilities and lead to the reopening of Strait of Hormuz, which severely affected the global supply chains and caused a massive hike in crude rates.
India has always maintained that the Hormuz should remain open to ensure freedom of navigation, while stressing that all conflicts must be resolved via dialogue and diplomacy. PM Modi also held multiple calls with global leaders over the past three months, reiterating India's position on the conflict.
Notably, the agreement immediately had an impact on oil rates, with brent crude plunging to USD 83.89 per barrel by USD 3.45. It also had a positive impact on the market, with Sensex rising by over 1,100 points to open at 76,648.74, while the Nifty was up by 335.55 points to 23,956.40. The rupee also rose by 58 paise against the US dollar.
However, experts have said that the situation won't normalise immediately and it would take some time before everything gets back to normal.
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