BRICS Ministers Tackle Iran Conflict, Oil Volatility in New Delhi

By Tgnews Reporter

Foreign ministers of the BRICS group gathered in India’s capital on Thursday, with the ongoing war in Iran and surging oil market disruptions dominating discussions.

India, the current BRICS chair, hosted the expanded bloc’s foreign ministers at the Bharat Mandapam. The meeting comes amid heightened global uncertainty caused by conflict in the Middle East and disruptions to key Gulf shipping routes, including the Strait of Hormuz.

In his opening remarks, India’s Foreign Minister Subrahmanyam Jaishankar highlighted the challenging global environment.

“We meet at a time of considerable flux in international relations,” Jaishankar said. He noted that ongoing conflicts, economic uncertainties, and challenges in trade, technology, and climate are shaping the world, adding that emerging markets expect BRICS to play a “constructive and stabilising role.”

The war involving Iran has strained energy supplies, particularly affecting major importers like India, the world’s third-largest oil buyer.

Roughly half of India’s crude imports typically pass through the Strait of Hormuz, which has faced repeated disruptions since the conflict began.

To manage the shortfall, India has increased reliance on Russian crude and revived ties with other suppliers. Jaishankar held bilateral talks with Russia’s Foreign Minister Sergei Lavrov on Wednesday, stressing the value of political and economic cooperation “in an uncertain and volatile global environment.”

Iran’s Foreign Minister Abbas Araghchi was also present among ministers from Brazil, Russia, India, China (represented indirectly), South Africa, Egypt, Ethiopia, Indonesia, Saudi Arabia, and the United Arab Emirates.

Jaishankar emphasised that development issues remain central, with many countries facing challenges in energy, food, fertiliser, and health security, as well as access to finance.

BRICS, originally formed in 2009 by Brazil, Russia, India, China, and South Africa, has expanded significantly to amplify the voice of emerging economies. The group now includes Iran, Saudi Arabia, the UAE, Egypt, Ethiopia, and Indonesia.

With divisions among members over the Middle East conflict, it remained unclear whether a joint statement would be issued at the end of the two-day meeting. India is expected to host a full BRICS leaders’ summit later this year.

The ministers are also scheduled to meet with Prime Minister Narendra Modi during their stay.