Indian Prime Minister Narendra Modi has thrown his weight behind a US-Iran understanding that, if it holds, could reshape the geopolitical landscape of the Middle East. The endorsement came during bilateral talks with President Donald Trump at the G7 summit in Évian, France, where Modi called the deal a source of “new hope” for regional peace.
Trump declared on June 15 that a deal had been finalized, with a formal signing scheduled for June 19 in Switzerland. For a conflict that has dragged on for roughly 108 days and rattled global energy markets, the timing matters.
What the deal means for oil and the global economy
The Strait of Hormuz handles approximately 20% of global oil trade. Shipping routes through the strait have been severely disrupted, creating energy market volatility over the past three-plus months.
The World Bank has already revised its global growth forecast down to 2.5% for 2026, a cut driven in part by the conflict’s economic fallout.
