US War Secretary to Address Press at 6:30 PM Amid Hormuz Blockade

Navy Reports Zero Crossings Since Monday

The United States Secretary of War will brief the media at 6:30 pm Indian Standard Time, even as the US Central Command claims a complete halt to maritime traffic through the Strait of Hormuz for the third consecutive day.

Officials confirmed that 10 vessels attempting to leave Iranian ports have been turned back since the blockade began on Monday. No ship has crossed the strategic waterway since, according to a statement issued by CENTCOM earlier today.

Pentagon Media Briefing

The defence secretary, along with the chairman of the joint chiefs of staff, will face reporters at 8:00 am Eastern Time. The Department of War announced the news conference on social media platform X.

Observers expect tough questions regarding the deployment of naval assets and the economic cost of the ongoing West Asia war. A White House official admitted to Congress that the administration is still calculating the financial impact.

Iranian Warning Over Sea Routes

Tehran has responded with a sharp warning. Iranian leader Mohsen Rezaee stated that Iran will not leave the Strait of Hormuz until its maritime and economic rights are fully protected.

Earlier, Iranian officials had threatened to shut three vital oil supply routes if the US continued its blockade. These include the Red Sea, the Sea of Oman, and the Persian Gulf.

Diplomatic Efforts Intensify

Pakistan’s Army Chief, General Asim Munir, has arrived in Tehran for crucial meetings with Iranian Foreign Minister Abbas Araghchi. Pakistan, Egypt, and Turkey are currently acting as mediators between the two sides.

Simultaneously, US Vice President JD Vance is leading a negotiating team that includes Steve Witkoff and Jared Kushner. They are currently sharing draft proposals with international partners.

Trump Announces Israel-Lebanon Talks

In a post on Truth Social, US President Donald Trump confirmed that a meeting between Iranian and Lebanese officials will take place tomorrow. He stated he was trying to create "breathing room" between Israel and Lebanon.

The president noted that the two leaderships have not spoken directly for nearly 34 years. The announcement comes amid heavy shelling reported in southern Lebanon, where Hezbollah claimed 34 military strikes in the last 24 hours.

Senate Vote Fails Again

A resolution aimed at limiting President Trump’s authority to wage war against Iran failed in the US Senate on Thursday. This marks the fourth time such a measure has been blocked by lawmakers.

According to a BBC report quoting Democratic party sources, opposition leaders plan to introduce similar measures every week, regardless of the outcome.

Impact on Global Supply Chains

The crisis continues to disrupt global trade. Australia has underwritten diesel shipments from Brunei and South Korea to manage price inflation. The United Kingdom faces potential food shortages of chicken and pork by summer if the blockade persists.

Meanwhile, China has formally urged Iran to restore normal navigation through the strait. Chinese Foreign Minister Wang Yi told his Iranian counterpart that reopening the waterway is a unanimous international demand. As this English News Portal India reported earlier, the situation remains fluid with no immediate end to the India News Update on the horizon.

The Indian stock markets witnessed a sharp sell-off on Monday, March 23, 2026, as geopolitical tensions escalated following US President Donald Trump's 48-hour ultimatum to Iran over the Strait of Hormuz. The BSE Sensex plunged over 1,800 points to close around 72,757, while the NSE Nifty shed more than 550 points to settle near 22,824, marking one of the steepest single-day declines in recent months.

Sensex Crashes 1,800 Points

Dalal Street opened in deep red amid heavy selling pressure across sectors. The benchmark indices erased gains from Friday's session and extended losses through the day, wiping out significant investor wealth.

Trump's Ultimatum Triggers Panic

The primary trigger was President Trump's stern warning issued late Saturday, demanding Iran fully reopen the Strait of Hormuz within 48 hours or face US strikes on its power plants. Tehran responded defiantly, vowing to target regional energy infrastructure if attacked. The ultimatum heightened fears of further disruption in the key oil shipping route, already strained by the ongoing US-Israel war with Iran now in its fourth week.

Crude Oil Surges Above $112

Brent crude climbed over 1% to trade above $112 per barrel, reflecting supply concerns. The Indian basket price hovered near elevated levels, adding pressure on import-dependent India. Rising energy costs fuelled inflation worries and impacted oil-sensitive sectors.

Sectoral Losses Widespread

All major NSE sectoral indices ended lower. Metals and PSU banks bore the brunt, while broader selling hit IT, financials, and consumer stocks. Midcap and smallcap indices also faced sharp corrections.

Global Cues Turn Negative

Asian markets mirrored the caution, with Japan's Nikkei down around 3%, Hong Kong's Hang Seng falling over 3%, and China's Shanghai Composite declining nearly 2.3%. South Korea's KOSPI showed mixed movement but overall sentiment remained weak. US markets had closed lower on Friday, with Dow Jones down nearly 1%, Nasdaq off 2%, and S&P 500 slipping 1.5%.

FIIs Continue Outflows

Foreign institutional investors maintained selling momentum, offloading shares worth over ₹5,500 crore on Friday. Cumulative March outflows stood at nearly ₹87,000 crore. Domestic institutions provided some counterbalance with purchases exceeding ₹1 lakh crore this month.

Background of Recent Volatility

Markets had rebounded modestly on Friday, with Sensex up 325 points to 74,532 and Nifty gaining 112 points to 23,114, buoyed by temporary relief in oil prices and bargain hunting. However, the weekend escalation reversed that trend swiftly.

Official and Market Reactions

Analysts pointed to the combination of geopolitical risks, elevated crude, and FII exits as key drivers. Market participants remained on edge as the 48-hour deadline approached, with potential for further volatility depending on developments in the Middle East.

Impact on Economy and Investors

The sharp decline raised concerns over rupee stability, corporate earnings, and broader economic growth. Higher oil prices could widen the current account deficit and stoke inflation. Retail investors faced significant erosion in portfolio values amid the uncertainty.

What Lies Ahead

Traders will closely monitor any response to the ultimatum and military developments. A de-escalation could trigger a rebound, but prolonged tensions risk sustained pressure on equities. Support levels near 22,500 for Nifty and 72,000 for Sensex will be tested in the coming sessions.

Black Monday on Dalal Street underscores how global events, particularly energy supply risks, continue to dictate sentiment in India's equity markets.