UAE Ambassador to India Abdulnasser Jamal Alshaali has called for an "unconditional ceasefire" by Iran, stressing that actions on the ground matter more than diplomatic statements. He urged the United Nations Security Council to condemn the ongoing attacks and prevent further escalation in the region.
Alshaali added that the United Arab Emirates remains committed to stability, diplomacy, and peace while reserving the right to defend its sovereignty.
Regional Impact on Travel and Trade
Air travel is set to become costlier, with Air India announcing a phased fuel surcharge on domestic and international routes amid a sharp rise in jet fuel prices linked to the Iran war.
The airline said the surcharge will also apply to services operated by Air India Express. According to Air India, the increase is being implemented due to a sharp rise in aviation turbine fuel (ATF) prices since early March 2026, triggered by supply disruptions in the Gulf region.
Economic Consequences for India
India, which imports about 85% of its crude oil requirements, is particularly vulnerable to Gulf supply disruptions. Analysts estimate that a sustained 10% rise in oil prices could add 0.3–0.5 percentage points to India's CPI inflation and widen the current account deficit.
The rupee has come under pressure, trading near ₹87 per US dollar, its weakest level since early 2025, as investors price in higher import costs and reduced foreign exchange inflows from Gulf remittances.
RBI Response
The Reserve Bank of India is expected to hold its rate-cut cycle in the upcoming April MPC meeting, according to market analysts, as elevated oil prices threaten to push inflation back above the 4% target that justified the February rate cut.
