Speaking to reporters at the White House during a St. Patrick’s Day visit by Irish Prime Minister Micheál Martin, Trump said allied governments had expressed support for U.S. and Israeli actions but were unwilling to provide direct military assistance.

Trump noted that several allied countries had indicated they had no immediate plans to deploy naval forces to help secure the Strait of Hormuz, a critical maritime corridor through which roughly one-fifth of global oil supplies pass.

The comments followed calls by the U.S. administration for international support to maintain shipping access after Iran responded to joint U.S.-Israeli strikes with drones, missiles and naval mines that have effectively hindered tanker traffic.

Despite the criticism, Trump said he had “nothing currently in mind” when asked whether Washington would retaliate against allies for their stance.

“I think NATO is making a very foolish mistake,” Trump said. “Everyone agrees with us, but they don’t want to help.”

Earlier in the day, Trump struck a different tone on social media, stating that the United States no longer needed NATO assistance due to what he described as “Military Success” in the ongoing conflict, now in its third week.

In that statement, he also singled out non-NATO partners Japan, Australia and South Korea, without elaborating on their roles.

Trump has previously raised the possibility of withdrawing the United States from NATO, though he did not revisit that position in his latest remarks.

The standoff over the Strait of Hormuz has heightened concerns about global energy supplies, as disruptions in the narrow waterway can have immediate implications for oil markets and shipping routes.

The reluctance of NATO allies to engage militarily underscores divisions within the alliance over involvement in the conflict, even as diplomatic backing for U.S. actions appears to remain intact.

Futures for the GIFT Nifty were trading at 23,257 at 08:11 a.m. IST, indicating that the Nifty 50 would open above Friday’s close of 23,151.10 after posting its steepest weekly drop in years and entering a technical correction.

Supply route developments lift sentimentMarket sentiment improved after the Wall Street Journal reported that the United States was preparing to announce a coalition of countries to escort commercial vessels through the Strait of Hormuz, a maritime corridor that handles about one-fifth of global oil supply.

Additional support came after two India-flagged liquefied petroleum gas carriers Shivalik and Nanda Devi transporting roughly 92,712 metric tons of LPG successfully crossed the strait last week en route to India, easing immediate concerns about fuel supply disruptions.

India’s foreign minister Subrahmanyam Jaishankar said in an interview with the Financial Times published Sunday that he had been in discussions with Iran and that dialogue had produced some results.

However, investors remain cautious as the conflict in the Middle East continues to threaten energy flows and financial markets.

Oil and currency pressures persist as rude oil prices have stayed above $100 per barrel during the conflict, raising concerns about inflation and economic growth in India

.The surge in energy costs has also pushed the Indian Rupee to record lows against the U.S. dollar, highlighting the vulnerability of the country’s energy-dependent economy.

Traffic through the Strait of Hormuz has been heavily curtailed since the United States and Israel launched a bombing campaign on Iran at the end of February, prompting Tehran to largely halt commercial shipping through the critical waterway.

In an interview published Sunday by the Financial Times, Trump said the timing of the meeting could shift depending on progress in restoring navigation through the key oil transit route.

“We’d like to know before (the summit),” Trump said, adding that “we may delay,” without specifying how long a postponement might last.

The Strait of Hormuz, which connects Gulf energy producers to global markets, has come under heightened strain during the conflict with Iran, raising concerns about disruptions to international oil shipments.

Washington has sought diplomatic and security cooperation from major powers to ensure the passage remains open as tensions across the Middle East escalate.

Trump’s remarks suggest the United States is looking to China to play a role in stabilizing the situation. Beijing maintains significant economic ties with Iran and is a major importer of Gulf energy supplies that pass through the strait.

The proposed summit in Beijing had been expected to focus on trade and geopolitical issues between the two powers, but Trump indicated that progress on the maritime corridor could influence whether the meeting proceeds on schedule.

The assurance was conveyed after recent conversations between S. Jaishankar, India’s foreign minister, and his Iranian counterpart Seyed Abbas Araghchi, according to the Indian source, who declined to be identified because they were not authorised to speak publicly.

India, the world’s third-largest oil consumer, depends on the Strait of Hormuz for roughly 40% of its crude imports, making the security of shipping routes a key concern amid regional tensions.

India’s foreign ministry confirmed that the two foreign ministers had held three conversations in recent days. The most recent discussion focused on maritime safety and the protection of India’s energy supply lines.

“Beyond that, it would be premature for me to say anything,” foreign ministry spokesperson Randhir Jaiswal told a weekly press briefing.

In a statement following the talks, Iran’s foreign ministry said the United States should be held responsible for the “insecure situation and problems arising for shipping in the Persian Gulf,” but neither side publicly mentioned any agreement on safe passage for Indian vessels.

On Thursday the Suezmax tanker Shenlong, carrying Saudi crude oil, arrived at a port in Mumbai after transiting the Strait of Hormuz, according to shipping data from the London Stock Exchange Group.

The Liberia-flagged vessel was the first crude tanker to reach India from the Middle East since fighting involving Iran, the United States and Israel erupted in late February. The cargo was purchased by state-run Bharat Petroleum Corporation, a source with direct knowledge of the matter said.

The Indian source added that two other foreign-flagged tankers believed to be carrying oil bound for India had also recently crossed the strait.

India said on Wednesday that 28 Indian-flagged vessels were operating west and east of the Strait of Hormuz, carrying a total of 778 Indian sailors.

Authorities, shipping companies and recruitment agencies are coordinating with Indian embassies and local authorities to ensure the safety of seafarers, the petroleum ministry said.

India has also given safe harbour to 183 Iranian sailors after a vessel docked in the country following the outbreak of the conflict. New Delhi had allowed three Iranian ships returning from a naval exercise in the Bay of Bengal to dock; one of the vessels was later sunk by a U.S. submarine in international waters, while another sought assistance from Sri Lanka.

-Israeli war with Iran pushed global oil prices above $100 a barrel and intensified military and diplomatic tensions across the Middle East.Iran’s Assembly of Experts, an 88-member clerical body responsible for selecting the supreme leader, said it had voted decisively to appoint Ayatollah Seyyed Mojtaba Hosseini Khamenei as the third leader of the Islamic Republic, according to a statement issued shortly after midnight Tehran time.

Mojtaba Khamenei replaces his father, Ali Khamenei, who was killed in one of the first strikes launched against Iran during the conflict that erupted more than a week ago between Iran and a U.S.-Israeli alliance.The supreme leader holds ultimate authority over Iran’s political system, armed forces and strategic decision-making.

Mojtaba Khamenei, a cleric known to wield influence within Iran’s security establishment and the vast economic networks built during his father’s rule, had long been viewed as a leading contender to succeed the elder Khamenei.The Assembly of Experts said the vote followed deliberations over the succession after the death of the longtime leader.

The appointment signals continuity in Iran’s ideological leadership during a period of escalating military confrontation.Iran’s armed forces leadership pledged allegiance to the new supreme leader following the announcement, reinforcing the authority of the office at a moment when the country is engaged in active conflict with regional and Western adversaries.The war has already produced significant military and economic repercussions. Oil markets reacted sharply, with U.S. crude futures surging more than 20% amid fears the conflict could disrupt energy flows from the Middle East, a region that accounts for a substantial share of global oil supply.

U.S. President Donald Trump had earlier suggested Washington should influence the selection of Iran’s next leader, remarks that risked inflaming tensions further.“If he doesn’t get approval from us, he’s not going to last long,” Trump told ABC News on Sunday when asked about the succession.

After Mojtaba Khamenei was named, Trump declined to comment directly on the appointment in an interview with the Times of Israel, saying only, “We’ll see what happens.”Trump also told the newspaper that any decision to end the war would be made jointly with Israeli Prime Minister Benjamin Netanyahu.Israel had previously warned it could target whoever emerged as Iran’s next supreme leader, underscoring the stakes surrounding the succession during wartime.

The military confrontation has continued to escalate across the region. Israel struck major fuel storage facilities near Tehran as part of its campaign against Iranian infrastructure.Iran has also launched retaliatory strikes against U.S. facilities in the Middle East.The U.S. military said a seventh American service member had died from wounds sustained during Iran’s initial counter-attack a week ago. The announcement came a day after Trump oversaw the return to the United States of the remains of six other U.S. personnel killed in the same attack.Amid mounting security concerns, Washington on Sunday ordered the departure of non-emergency employees from its embassy in Saudi Arabia, the latest drawdown of American diplomatic staff in the region as the conflict deepens.

Retail fuel prices climbed more than 10% during the week as markets reacted to supply disruptions linked to the conflict involving the United States, Israel and Iran. The surge presents a potential political challenge for U.S. President Donald Trump, whose administration has pledged to lower energy costs and expand domestic oil and gas production.Speaking in an interview with Reuters, Trump dismissed concerns about the increase, saying that “if they rise, they rise.”Prices climb to multi-month highsAccording to data from the American Automobile Association, the national average price of regular gasoline reached $3.32 per gallon on Friday, an 11% increase from a week earlier and the highest level since September 2024.Diesel prices rose even more sharply, climbing 15% over the same period to $4.33 per gallon, their highest level since November 2023.

The United States is the world’s largest oil producer and a significant exporter, but it also imports millions of barrels daily due to its status as the world’s largest oil consumer. Analysts say global disruptions can therefore affect domestic fuel prices even when U.S. production remains strong.Midwest and South feel the impactSome of the steepest increases were reported in the Midwest and southern United States. In Georgia, average gasoline prices rose 40.1 cents per gallon in the past week, according to the fuel tracking website GasBuddy.Andrenna McDaniel, a healthcare insurance worker in South Fulton, Georgia, said the rise came quickly. “They jumped up so quickly,” she said, adding that she has reduced driving to essential trips.Others expressed support for the administration’s actions. Richard Soule, a retired firefighter and U.S. Air Force veteran in Marietta, said he believed the increase was acceptable in light of national security concerns as he filled up his pickup truck.Other states including Indiana and West Virginia recorded weekly increases of more than 40 cents per gallon.Supply concerns drive outlookOil markets have reacted strongly to disruptions around the Strait of Hormuz, a critical global shipping corridor for crude exports. On Friday, U.S. oil futures settled at $90.90 per barrel, marking the largest single-day increase since April 2020.Patrick De Haan, an analyst at GasBuddy, said gasoline prices could climb further if crude prices continue rising and supply disruptions persist.Denton Cinquegrana, chief oil analyst at Oil Price Information Service, said global demand for U.S. crude has increased as refineries in Asia and Europe seek alternatives to Middle Eastern supplies, tightening domestic fuel markets.

Diesel markets face additional pressure from strong global demand for freight transportation, power generation and heating during an extended winter, combined with limited refining capacity.Higher diesel costs can ripple through the broader economy because the fuel is widely used in shipping, agriculture and manufacturing, raising the cost of transporting goods ranging from food to household products.