NEW DELHI, July 8 -- India on Wednesday expressed deep concern over the rapidly deteriorating security situation in West Asia after a fresh wave of attacks on commercial shipping in the Strait of Hormuz that have considerably escalated regional tensions.
In a statement, the Ministry of External Affairs (MEA) said the recent developments pose a serious threat to regional peace, security and stability, while also jeopardising the uninterrupted flow of global energy supplies and maritime trade.
The MEA statement came amid fresh attacks on maritime shipping in international waters - three commercial vessels, including the Saudi-flagged Wedyan and Qatari Al Rekayyat - were struck by projectiles and drones on Tuesday in the Strait of Hormuz.
The MEA said that the increasingly tense situation poses threats to the peace in the region, global energy security, and international business.
"India is deeply concerned over the recent escalation of tensions in West Asia following attacks on commercial shipping transiting international waterways. Such developments undermine regional peace, security and stability and threaten the uninterrupted flow of global energy supplies and maritime commerce," the MEA said.
Calling for immediate de-escalation, New Delhi urged all parties to exercise maximum restraint and avoid actions that could further inflame the situation. The ministry also stressed the importance of ensuring the safety of civilians and the secure passage of commercial vessels through international sea lanes.
On Tuesday, the US Central Command (CENTCOM) launched powerful strikes hitting over 80 Iranian targets. "India is deeply disturbed by the recent incidents and tensions escalating in West Asia following the renewed threats to civilian shipping plying in international waters in the region,'' the MEA said. It warned that the emerging trends pose danger to peace, security, and stability of the region, where the region faces many security concerns.
India has reaffirmed its long-held belief in the need for peaceful dialogue and has called on all concerned to show restraint and de-escalate tensions while ensuring the safety of civilians as well as uninterrupted energy supplies and international business activities. Underlining that dialogue alone is the only viable option to address the situation, it has urged all stakeholders to resume dialogue to find a peaceful solution.
Meanwhile, strategic analysts say the current crisis poses a threat since it has the possibility of leading to a much wider war in the region. Unlike other instances of conflict, this current confrontation can see several stakeholders being dragged into it, such as countries from the Gulf region, Israel, militant groups backed by Iran in the region, and the U.S. military forces deployed in West Asia. In this case, the bilateral war may turn into a much wider regional war with serious consequences for humanity, the economy and security.
The Strait of Hormuz forms the core of this concern. As the connection between the Persian Gulf and the Gulf of Oman and the Arabian Sea, it constitutes one of the most important maritime choke points in the world. Approximately one-fifth of the daily global supply of crude oil passes through the strait. Therefore, anything that happens there affects the international oil market immediately.
Implications for India go beyond those of a diplomatic nature, as India is one of the biggest consumers of energy in the world, relying significantly on crude oil imports from the Gulf region. In case there are disruptions of shipments via the Strait of Hormuz, it may influence the availability of energy sources as well as the cost of imports and, thus, the price of fuels within the country. The latest developments have heightened concerns over energy security, trade flows and the safety of Indian commercial interests in the region.
Further, economic implications can also be considerable. Higher costs for imported oil due to rising oil prices worldwide would adversely impact India, leading to inflationary pressure and affecting overall economic growth.
Published by HT Digital Content Services with permission from Millennium Post.