India’s BRICS chairmanship faces a diplomatic test as a U.S.-Iran ceasefire temporarily lowers oil prices. Iranian President Masoud Pezeshkian urged Indian Prime Minister Narendra Modi to broker peace, but deep divisions among BRICS members have prevented a consensus statement. The bloc’s inaction highlights challenges as India balances strategic interests in the volatile West Asia region.
President Donald Trump agreed to a two-week ceasefire with Iran on Tuesday, causing oil prices to drop sharply. US crude futures fell over 15% to under $95 a barrel, while Brent crude declined 12.88% to $95.12. Major market indices also surged, with Dow futures leaping more than 900 points.
Even before this development, Iran’s President Masoud Pezeshkian had called Prime Minister Narendra Modi on March 21. He pushed India, in its capacity as BRICS chair, to take a hands-on role in brokering peace. “The nations of BRICS must not stand silent while the sovereignty of a member state is violated,” Pezeshkian stated.
Modi’s public post about the call did not mention this appeal. India’s Ministry of External Affairs spokesperson Randhir Jaiswal later addressed the bloc’s inaction at a March 27 briefing. “BRICS way of working is based on consensus… and because we have differing opinions, it has been difficult for us to forge a consensus on this particular conflict,” Jaiswal stated.
Other BRICS members, Russia and China, swiftly condemned U.S.-Israeli strikes. Moscow called the attack “a preplanned and unprovoked act of armed aggression,” while Beijing described it as “brazen aggression against a sovereign nation.” The fact that both Iran and the UAE are BRICS members further complicated any unified ceasefire initiative.
Under Brazil’s 2025 chairmanship, BRICS managed a consensus statement condemning strikes as “a violation of international law.” India now chairs the bloc in 2026, facing significant stakes including Gulf imports and crucial trade corridors through the Strait of Hormuz. The upcoming BRICS foreign ministers meeting in mid-May will test India’s diplomatic leadership.
