India accounts for more than 40% of global rice exports, meaning restrictions imposed to protect domestic consumers can create shortages elsewhere. Conversely, maintaining exports during a poor harvest could intensify domestic price pressures.
By securing long-term supply pacts with key global producers across Russia, the Middle East, North Africa, and South America, India effectively insulated its domestic agrarian economy from global market turbulence.
The US has also been trying to keep oil tankers moving through the Strait of Hormuz. American officials believe this has reduced some of the immediate pressure to reach a ceasefire agreement.
US diplomats held direct talks with Houthi representatives in Oman to preserve a ceasefire and keep the Red Sea open, leaving Saudi Arabia to fight the Iran-backed group entirely on its own.
The US Central Command (CENTCOM) said an American warship had successfully avoided two ballistic missile attacks launched by Iran over the past two days.