New Delhi: External Affairs Minister S. Jaishankar conducted a high-level telephone exchange with Iranian Foreign Minister Seyed Abbas Araghchi on Tuesday, as New Delhi intensifies its diplomatic efforts to mitigate the economic fallout from the escalating West Asia crisis.

The conversation marks the third formal dialogue between the two ministers since the initiation of joint U.S.-Israeli military strikes against the Islamic Republic on Feb. 28. The primary focus of the discussion centred on the deteriorating security situation and its acute impact on global energy corridors.

"A detailed conversation this evening with Foreign Minister @araghchi of Iran on the latest developments regarding the ongoing conflict. We agreed to remain in touch," Jaishankar stated in a post on social media following the call.

The diplomatic outreach occurs against a backdrop of mounting international alarm over the stability of petroleum and gas supplies. Global energy markets have faced significant volatility after Tehran effectively obstructed transit through the Strait of Hormuz. The strategic maritime passage, situated between the Persian Gulf and the Gulf of Oman, serves as the conduit for approximately 20 per cent of the world’s total oil and liquefied natural gas (LNG) consumption.

During the exchange, Jaishankar formally communicated India's profound apprehension regarding the military developments within Iran and the broader regional implications of the hostilities. India, which relies heavily on the region for its energy security, has seen domestic fuel prices and supply chains come under increased pressure as the conflict enters its second week.

With inputs from PTI