West Asia War updates: Abbas Araghchi says draft U.S. deal includes ending naval blockade, Hormuz arrangements

Iranian Foreign Minister Abbas ‌Araghchi said on Friday (June 12, 2026) ⁠that an “Islamabad Memorandum of Understanding (MoU)” for ‌addressing the U.S.-Israeli ‌war ‌on ⁠Iran ⁠had “never been closer”, but urged media outlets ‌to refrain from speculating about its contents ‌until it was finalised. He said Iran ⁠would share all ‌details with the public in due course, in ‌what he called Tehran’s responsible and transparent ⁠approach.

U.S. President Donald Trump on Friday (June 12, 2026) accused Iran of carrying out a drone attack against Indian ships leaving the Strait of Hormuz, saying it was “totally unacceptable.” Three vessels with an Indian crew came under attack off the Oman coast this week. One of them resulted in the death of three Indian seafarers on Wednesday (June 11). 

3 Indians Died In US Strikes

Three Indians were killed in an US strike on a vessel off the coast of Oman. It is not the first time that Indians have come under the line of fire from American miscalculations.

Global and Domestic markets 31 may 2026

Global and domestic financial markets are navigating major geopolitical shifts, corporate earnings wrap-ups, and key macroeconomic announcements. On Dalal Street, the NSE Nifty 50 closed down significantly at 23,547.75 (-1.50%) due to persistent foreign investor selling and inflation worries triggered by the IMD's below-normal monsoon forecast. In contrast, US stocks wrapped up the week on a positive note, with the S&P 500 closing slightly up at 7,580.06 (+0.22%), locking in its ninth straight positive week on tech strength and optimistic Middle East developments.

Indian Market & Macro Updates

Monsoon & Inflation Alarm: The IMD's prediction of a below-normal monsoon sparked food inflation fears, dragging down FMCG and power stocks significantly.

RBI Annual Report Resilience: The Reserve Bank of India projected a resilient GDP growth trajectory for FY27, though it expects retail inflation to settle around 4.6% amid geopolitical headwinds.

Windfall Tax Hike: The Government of India announced a revision of the windfall tax on fuel exports, set to take effect starting June 1.Customs Duty Waiver: To assist textile manufacturers, the Centre completely waived customs duty on cotton imports until October 31.Unclaimed Assets Portal: The government launched a centralized digital search portal to help citizens trace unclaimed financial assets across institutions.

🌎 Global & Commodities Summary

US-Iran Ceasefire Progress: Geopolitical tensions eased marginally after reports that the US and Iran are close to an agreement to extend their 60-day ceasefire.

Crude Oil Dips: Brent crude futures traded lower following progress on the US-Iran peace deal, offering a brief respite to energy-importing economies.

Gold Remains Premium: Spot gold traded steadily amid US interest rate hike concerns, but physical gold prices in India are still holding an 18% premium over global spot prices.

Corporate & Stock Specific HighlightsPB Fintech Block Deal: The founders of Policybazaar pared their stake by offloading shares worth ₹665 crore, with Goldman Sachs and domestic funds absorbing the block.

AI Rally Boosts IT: Wipro and Infosys led minor rebounds on the exchanges after massive global AI investments (including Anthropic's funding round) elevated global tech sentiment.

Adani Infrastructure Expansion: Adani Group firms finalized a capital deployment plan of ₹5,694 crore to acquire distressed assets of Jaiprakash Associates.