Belligerence is back. Both the US and Iran are hitting each other and the statements from both sides do not auger well for a peace deal. The only positive is that the back channel talks are still apparently on, and no one is outrightly dismissing the possibility of a deal. The latest Gulf flare-up should normally be very bad news for the Indian markets. But the way they have been reacting bears a closer look.

We are in a phase in the US-Israel-Iran war where statements are made, then retracted. And, in a matter of just 48 hours, they are made all over again. Such back and forth will…

Belligerence is back. Both the US and Iran are hitting each other and the statements from both sides do not auger well for a peace deal. The only positive is that the back channel…

A peace deal, if it comes, will not mean the Gulf region has become stable. It will only mean that current tensions have been paused. The kind of conflict that has unfolded in the…