Editorial photo #13693746 Economy, Business and Finance

Modi Says Iran War Poses Severe Risks To India, Urges Cuts In Fuel Use And Gold Purchases

A gold necklace and earrings are displayed for sale at a jewellery shop in Srinagar, Jammu and Kashmir, on May 11, 2026. Indian Prime Minister Narendra Modi urges citizens to reduce fuel consumption by using public transport, working from home, reducing overseas travel, and pausing gold purchases, highlighting the economic impact of the conflict involving Iran. India imports nearly 85% of its fuel needs and relies on the Strait of Hormuz for about 50% of its crude imports, 60% of its liquefied natural gas, and almost all of its liquefied petroleum gas supplies. On Sunday, President Donald Trump states that Iran's counterproposal to end the conflict with the United States and Israel is ''TOTALLY UNACCEPTABLE!'', affecting global oil prices. (Photo by Firdous Nazir/NurPhoto)