US-Iran War 2026: 150 US troops wounded, India acts

Reuters sources cite higher US casualty figure

As many as 150 U.S. troops have been wounded so far in the war with Iran, two people familiar with the matter told Reuters on Tuesday. The figure had not been previously reported and is far higher than the Pentagon’s publicly disclosed figure of eight seriously wounded U.S. forces. The update, while focused on battlefield developments, is being closely watched by markets because of its link to risk sentiment and energy supply disruptions.

The wider conflict backdrop also includes continued missile activity reported by news agencies and statements from officials on both sides. Iran said it would continue missile attacks “as long as necessary,” contradicting U.S. President Donald Trump’s suggestion that the war could end soon. Israel’s foreign minister said Israel was not seeking an endless war with Iran.

UN warns about civilian impact and escalation risks

The United Nations rights chief, Volker Turk, warned on Tuesday about the deepening impact of the Middle East conflict on civilians. He flagged the danger of a “tit-for-tat dynamic” between warring sides and pointed to risks when essential infrastructure is targeted. Turk said such a pattern could increase risks for civilian populations more broadly, with potentially dire consequences across the region.

The UN warning matters for investors because escalation involving energy and transport infrastructure typically feeds directly into oil prices, shipping insurance, and freight rates. Those costs can then transmit into inflation expectations, currency volatility, and company margins, particularly in energy-intensive sectors.

India’s energy response: Reliance boosts LPG, diverts KG-D6 gas

In India, Reliance Industries said its Jamnagar refining complex will maximise cooking gas (LPG) production. The company also said gas from the Bay of Bengal KG-D6 fields will be diverted to the priority sector to help the Indian economy overcome West Asia war-related disruptions. The statement indicates a shift toward ensuring domestic availability of key fuels, especially LPG, amid tighter import conditions.

Reliance’s Jamnagar complex is among the world’s largest refining hubs and is central to India’s domestic fuel supply chain. Any operational tilt toward LPG production can support household and small business fuel availability when imports are strained.

Force majeure and gas diversion as LNG routes tighten

India has invoked emergency measures to divert gas supplies from non-priority sectors to key users after disruptions of liquefied natural gas shipments through the Strait of Hormuz, according to a government notification. India meets about half of its 195 million standard cubic metres per day (mmscmd) gas consumption through imports. Prior to the Strait of Hormuz closure and a force majeure declaration by Qatar, the country was getting about 60 mmscmd of gas from the Middle East.

The policy move highlights how quickly a regional maritime chokepoint can become a domestic supply issue. It also clarifies why policymakers are focusing on allocation mechanisms rather than only price measures.

Restaurants and hotels warn of disruptions

Restaurants and hotels across India warned on Tuesday of disruptions and possible shutdowns as the war constricted cooking gas supplies. Authorities set up a panel to review industry requests, according to the update. The fuel shortage comes as the U.S.-Israel war on Iran halted ship traffic in the Gulf and the Strait of Hormuz, driving up energy prices and transport costs.

For consumer-facing businesses, cooking gas availability can become an operational constraint faster than many other inputs. If shortages persist, the impact can shift from cost pressure to output loss.

Oil market coordination talk, but India holds on reserves and pump prices

French Finance Minister Roland Lescure said countries were willing to take measures to stabilise the oil market, including the United States. Lescure added that countries had asked the International Energy Agency to elaborate scenarios for a potential oil stockpile release.

In contrast, a government source told Reuters that India is not planning to release oil reserves in coordination with the IEA and has no immediate plans to raise retail gasoline and diesel prices as of now. Separately, reports also said Nayara Energy became the first major fuel retailer in India to break the long-standing price freeze on normal-grade petrol and diesel, implementing a hike of up to ₹5 per litre.

Markets: equities up, rupee signals recovery, oil stays key variable

Indian equities rose during the day’s updates, with reports noting Sensex up over 550 points and Nifty testing 24,200, while a separate update said Sensex jumped over 750 points and Nifty moved back above 24,250 in pre-market trade. Benchmarks later showed Nifty at 24,364.85, up 11.30.

On the currency side, the rupee was set to recover on Tuesday after a pullback in oil prices, following Trump’s comments that the war would be over soon. The 1-month non-deliverable forward indicated the rupee could open in the 91.90-92.00 range versus the U.S. dollar, after the currency dropped 0.64% on Monday to 92.3275.

Oil remained the swing factor. A separate update pegged Brent above $100 per barrel at $101.16, with Nymex at $10.09.

Logistics and aviation disruptions add to economic friction

Indian airlines cancelled 279 international flights on Sunday due to the Middle East situation, with the civil aviation ministry citing airspace closures and restrictions across several sectors. For trade logistics, Jawaharlal Nehru Port Authority (JNPA) formed a task force to address container congestion, and reported stranded containers reduced from around 5,000 TEUs on 1 March to nearly 3,200 TEUs on 8 March.

On fuel shipments, two Indian-flagged LPG tankers, Jag Vasant and Pine Gas, safely navigated the Strait of Hormuz and are destined for India. The two carriers were reported to be carrying 92,612.59 metric tonnes of LPG and were expected to reach ports between March 26 and 28.

Key figures snapshot

Why the story matters for Indian investors

The immediate India-facing transmission channel from the US-Iran war is energy and logistics, not direct trade. Disruptions around the Strait of Hormuz affect LNG availability and shipping schedules, which is why India moved to divert gas to priority users and why Reliance highlighted higher LPG output. Investors typically track these actions because they can influence fuel-linked inflation, transport costs, and demand resilience in sectors such as aviation, chemicals, logistics, and consumption.

At the same time, market moves in the updates suggest that risk sentiment can change quickly when headlines hint at de-escalation, even if underlying disruptions persist. The rupee’s indicated recovery range was explicitly linked to oil’s pullback, reinforcing that crude is still the key macro variable for India in this conflict cycle.

What to watch next

Several threads remain active in the official updates: discussions on oil-market stabilisation via the IEA, India’s stance on strategic reserves and retail fuel prices, and domestic fuel allocation decisions if LNG disruptions persist. On the ground, aviation and port task forces will be watched for signs that operational bottlenecks are easing. Any further official guidance on gas allocation, LPG supply, and shipping through the Strait of Hormuz will likely remain market-moving for India.