India Works With Shipping Firms to Free Stranded Cargo Amid West Asia Conflict

The government will look at ways to ease exporters' burdens, including high insurance and shipment costs.

"Every day, the inter-ministerial group talks to the exporters. Even this morning, they must have had an engagement. They take feedback, and we will not be found wanting in supporting our exporters in any way. We should continue to meet all the commitments that we have made to our buyers, whether in goods or services," Goyal said.

He said the government would use "every policy tool" and the export promotion mission to support Indian exporters.

"I can assure you this government stands with our industry and will continue to ensure that all our international commitments are met because that is what defines India," Goyal said.

He cited the country's remarkable record of meeting all its international commitments even during the Covid‑19 pandemic as evidence of its reliability as a trading partner.

Oil prices surged as Iran launched missiles and drones across the Gulf, striking an oil refinery in Bahrain. Brent crude posted an intraday high above $86, while the US crude closed above $81 per barrel after surging 8.5 per cent last night.

A recent report from DBS Bank warned that despite the Iranian Navy's warships posing minimal threat, the Islamic Republic's ability to deploy mines and asymmetric attacks in the Strait of Hormuz could slow shipments, raise insurance, shipping costs and energy prices.

The US had earlier said that it may deploy naval escorts for oil tankers passing through the Strait of Hormuz if necessary, as the conflict with Iran raised concerns about global energy supplies and shipping security in one of the world's most critical maritime corridors. The White House also stated that recent actions against Iran could ultimately improve the stability of global energy markets.

- IANS