Indian Prime Minister Narendra Modi warns of global ‘decade of disasters’ amid Iran oil crisis

Indian Prime Minister Narendra Modi addressed the Indian diaspora in The Hague on 16 May 2026, calling the current era a “decade of disasters” defined by the Covid‑19 pandemic, ongoing wars and an accelerating energy crisis. He linked the crisis to recent US‑Israeli strikes on Iran that forced the closure of the Strait of Hormuz, a chokepoint handling about 20 % of global oil trade. The International Energy Agency described the shutdown as the largest supply shock ever recorded. India, which imports roughly 90 % of its oil, is among the economies most exposed. Modi urged measured use of resources and voluntary austerity, asking citizens to work from home, curb overseas travel and limit gold purchases. Indian state‑run oil firms absorbed higher crude costs for 76 days before lifting gasoline and diesel prices by 3 rupees per litre on 15 May. Other Asian nations have also taken emergency steps: the Philippines declared a national energy emergency, South Korea urged electricity savings, and Japan released strategic petroleum reserves. The speech was part of Modi’s five‑country diplomatic tour, which will continue with talks on securing supply chains and deepening energy cooperation with European partners.