Beyond Ukraine, another war is reshaping global energy markets. Oil prices climbed sharply on May 15 after hopes for an end to the conflict in Iran dimmed, the New York Times reported. The immediate trigger: President Trump’s failure to secure a commitment from China to help persuade Iran to reopen the strategically vital Strait of Hormuz, through which roughly a fifth of the world’s oil supply passes.
The picture is further complicated by conflicting diplomatic signals. Iran’s foreign minister said Tehran had received American messages indicating a willingness to continue negotiations — statements that came after Trump publicly dismissed Iranian proposals as “unacceptable.” Whether this represents genuine behind-the-scenes progress or mere posturing remains unclear.
The energy crunch is rippling through global diplomacy. India and the UAE moved to deepen their strategic ties during Prime Minister Narendra Modi’s visit to Abu Dhabi, signing agreements on strategic petroleum reserves, liquefied petroleum gas supply, and a sweeping new defence partnership framework. The two nations agreed to collaborate on defence industrial production, advanced technology, maritime security, cyber defence, and intelligence sharing — a relationship explicitly framed “amid the Iran war,” according to the Indian foreign ministry.
