New Delhi, April 8 India welcomed a two-week ceasefire between the US and Iran on Wednesday and called for "de-escalation, dialogue, and diplomacy" to ensure lasting peace in West Asia.
New Delhi also expected unimpeded freedom of navigation and global flow of commerce through the Strait of Hormuz, the strategically important waterway between the Persian Gulf and the Gulf of Oman that handles roughly 20 per cent of global oil and LNG (Liquefied Natural Gas).
"We welcome the ceasefire reached and hope that it will lead to a lasting peace in West Asia. As we have continuously advocated, de-escalation, dialogue and diplomacy are essential to bring an early end to the ongoing conflict," the Ministry of External Affairs (MEA) said.
The conflict has already caused immense suffering to people and disrupted global energy supply and trade networks, it said.
"We expect that unimpeded freedom of navigation and global flow of commerce would prevail through the Strait of Hormuz," the MEA said.
India has been calling for the resolution of the conflict in West Asia through dialogue and diplomacy.
Iran and the US agreed on a conditional ceasefire that included the opening of the Strait of Hormuz for shipping.
The global crude oil prices plunged after the ceasefire deal was announced by US President Donald Trump. The prices had surged after Iran virtually blocked the Strait of Hormuz. The move severely impacted energy supplies to countries around the world, including India.
West Asia has been a major source of India's energy procurement.
Iranian Foreign Minister Abbas Araghchi said the movement of ships through the strait would be allowed under Iranian military supervision.
"For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran's Armed Forces and with due consideration of technical limitations," he said.