‘What Can India Do?’: Jaishankar On Israel-Iran Escalation; Hardeep Puri Addresses Oil Supply Concerns

<p>External Affairs Minister S Jaishankar, speaking at a think tank event on Friday, dismissed the notion of third-party intervention in conflicts unless the directly involved nations are open to it. Addressing a query on India&rsquo;s possible mediation efforts following Israel&rsquo;s recent strike on Iran, Jaishankar said, &ldquo;What can India do? We are a country which has good relations with both Israel and Iran. We have issued a statement, as indeed, have many other countries, about what&rsquo;s going on.&rdquo;</p>
<p>The minister emphasised that in conflicts such as this, the final decisions lie with the involved nations. &ldquo;Ultimately, it is very much for the parties involved to make up their minds,&rdquo; he noted, as per news agency PTI.</p>
<p>&ldquo;It&rsquo;s very unrealistic for someone outside to insert themselves or to offer to do something if they are not prepared for it. The issue is how their own dynamic is going to unfold, and whether, at some point of time, a country like India or somebody else, for that matter, can be of particular help,&rdquo; he added.</p>
<h3><strong>Jaishankar Makes Subtle Reference to Trump&rsquo;s Claims on India-Pakistan Mediation</strong></h3>
<p>Although Jaishankar did not name anyone specifically, his remarks appeared to counter repeated assertions by former US President Donald Trump, who has claimed that his phone diplomacy helped prevent a war between India and Pakistan. Tensions between the two countries intensified following the April 22 terror attack in Pahalgam.</p>
<p>The situation reportedly de-escalated after the Director Generals of Military Operations (DGMOs) of both nations held talks on May 10, reaching an understanding to cease hostilities. India has consistently maintained that this resolution was achieved through direct military-to-military discussions and not due to external intervention.</p>
<p>Nonetheless, Trump reiterated on May 10 that the US was instrumental in halting a potential conflict, and he has continued to make similar claims since. On Thursday, he again stated, &ldquo;I can solve anything,&rdquo; while referring to the longstanding India-Pakistan conflict over Kashmir, suggesting he could mediate between the two.</p>
<h3><strong>Oil Minister Puri Says India Has Adequate Energy Reserves</strong></h3>
<p>Amid rising geopolitical tensions in the Middle East&mdash;a region critical to global energy flows&mdash;Union Oil Minister Hardeep Singh Puri assured that the country is well-positioned on the energy front. In a post shared on X (formerly Twitter), Puri mentioned that he conducted a regular review of the energy supply situation with key players from India&rsquo;s oil sector.</p>
<p>He noted that the country&rsquo;s energy framework balances availability, affordability, and sustainability. &ldquo;We have adequate energy supplies for the coming months,&rdquo; he said.</p>
<p>Following Israel&rsquo;s airstrike on Iran, global oil prices surged to their highest levels since January. Brent crude spiked more than 10 per cent initially but later moderated. By Friday, it was trading close to USD 75 a barrel, still 5 per cent higher than Thursday&rsquo;s close.</p>
<p>India meets more than 85 per cent of its crude oil demand and around 50 per cent of its natural gas needs through imports, with a significant portion sourced from the Middle East. However, current price levels remain over 10 per cent lower compared to the same period last year, and far below the peak rates of over USD 100 per barrel witnessed in early 2022 after Russia invaded Ukraine.</p>
<p>Russia currently tops the list of India&rsquo;s crude oil suppliers, while Qatar leads in natural gas exports to India. These resources are essential for refining petrol and diesel, powering fertiliser plants, generating electricity, fuelling vehicles via CNG, and providing piped gas for households.</p>