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Iran strikes 85 U.S. military sites in the Gulf, sparking a global selloff in stocks and a spike in the price of oil

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Iran strikes 85 U.S. military sites in the Gulf, sparking a global selloff in stocks and a spike in the price of oil

2

Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it

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Current price of oil as of July 8, 2026
EnergyIran

India brings back COVID-era work-from-home rules and asks farmers to halve fertilizer use as the Iran war chokes its oil lifeline

Marco Quiroz-Gutierrez
By
Marco Quiroz-Gutierrez
Marco Quiroz-Gutierrez
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Marco Quiroz-Gutierrez
By
Marco Quiroz-Gutierrez
Marco Quiroz-Gutierrez
Reporter
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May 12, 2026, 1:56 PM ET
Prime Minister Narendra Modi.
Prime Minister Narendra Modi.Samir Jana—Hindustan Times via Getty Images
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Indian Prime Minister Narendra Modi is bringing back COVID-era work-from-home arrangements as the war in Iran cuts off a major oil lifeline. 

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In an address earlier this week, the prime minister said Indians should make arrangements to work from home and take more virtual meetings. If citizens must leave home, they should take public transportation, such as the bus or metro, or carpool if a private vehicle is necessary.

The prime minister also asked citizens to limit international travel and pause purchases to keep foreign currency in the country, and asked farmers to halve their fertilizer use, which requires oil to produce. Conserving oil and other resources is a patriotic duty as the war in Iran strains them, Modi said.

“Patriotism is not only about the willingness to sacrifice one’s life on the border. In these times, it is about living responsibly and fulfilling our duties to the nation in our daily lives,” Modi said Sunday during a speech in the southern city of Hyderabad, according to the BBC. 

Modi’s appeal to Indians to work from home is meant to reduce commuting in private vehicles, which are the dominant mode of transportation in India. In 2025, the country of 1.5 billion people registered 25 million new vehicles, 88% of which were private vehicles, either two-wheeled or cars, according to IMPRI, a startup research think tank. That’s compared to 16.3 million registered in the U.S. in 2025, according to Cox Automotive. 

The prime minister’s comments come as the war in Iran has slowed traffic through the Strait of Hormuz, through which 20 million barrels of oil passed daily before the war. This flow of oil has slowed to a trickle because of the conflict, and India may be one of the countries most at risk. 

The country imports 85% of the fuel it uses. About half of its crude imports and 60% of its liquefied natural gas imports must pass through the Strait of Hormuz. India spent nearly $175 billion on petroleum product imports, about 22% of its total imports, as of the financial year ended in March. 

Investors react to austerity

Modi’s austerity measures were not popular with investors, and the Indian stock market fell sharply on Monday. 

The BSE Sensex, which tracks the 30 largest companies listed on India’s oldest exchange in Bombay, closed down 1.70% on the day after Modi’s comments. The Nifty 50, which tracks the 50 largest companies across 13 sectors on the National Stock Exchange, closed down 1.49% Monday.

And yet, India is not the only country that is being affected by the Iran war. Asian countries, many of which rely more on Middle Eastern oil than those in other regions, have implemented austerity measures to cushion the impact of the Iranian oil shock. 

Vietnam has been urging private businesses to allow workers to work from home since March, but some countries have taken their efforts to conserve fuel even further. Several countries, such as the Philippines, Pakistan, and Sri Lanka, have moved to implement a four-day workweek to reduce fuel use.

Despite a shaky ceasefire, the conflict between the U.S. and Iran is seemingly not close to ending. Trump said Monday the suspension of hostilities may end soon after he rejected Iran’s most recent counterproposal, calling it “a piece of garbage.”

“They think I’ll get tired, or get bored, or I’ll have some pressure,” Trump said Monday, according to CNN. “There’s no pressure at all. We’re going to have a complete victory.”

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
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