New Delhi, BRICS must expand trade in national currencies and work towards an inclusive global economic framework as excessive dependence on existing financial and trade systems has made emerging economies vulnerable to political shocks, Iranian President Masoud Pezeshkian said on Sunday.

In an address at the BRICS summit, Pezeshkian, taking a swipe at Western powers, was also critical of "unilateral sanctions", saying they are directly impacting global food security and people's welfare. The Iranian leader's remarks came weeks after the US imposed new economic sanctions on Iran, tightening the squeeze on Tehran's finances amid ongoing military hostilities between the two sides.

The BRICS must play a greater role in building a more balanced, inclusive and just international order, the Iranian president said, stressing that resilience, cooperation and sustainability should be translated into practical action. The Iranian president said economic resilience could not be sustained without security, referring to what he described as the military aggression by the United States and Israel against Iran.

The attacks on Iran's economic, energy and development infrastructure could have consequences beyond national borders, creating regional and global repercussions, he said. Pezeshkian said the Iranian people had paid a heavy price, with civilians killed and infrastructure built over decades damaged.

The Iranian president said the international community has a responsibility to protect civilians and prevent the "normalisation of attacks on civilian targets". Pezeshkian thanked India, its people and Prime Minister Narendra Modi for hosting the summit, saying its theme -- "Resilience, Cooperation and Sustainability" -- reflected the fundamental global needs at a time when the destinies of nations are increasingly interconnected.

He said the international community's challenge was not merely to manage current crises, but to build a system that strengthens nations against future crises and creates a fairer world. Delving into pressing economic challenges, Pezeshkian said excessive dependence on limited financial and trade systems had made economies vulnerable to political shocks.

Unilateral sanctions directly affected food security and people's welfare, he said, pitching for expanding trade in national currencies and strengthening the New Development Bank to enhance the economic resilience of BRICS members. On the situation in Gaza and Lebanon, Pezeshkian said the people of the region continued to face the consequences of "crimes and genocide".

He called on BRICS to play a more effective role in defending national sovereignty, territorial integrity and the prohibition of the use of force. Elaborating on global challenges, Pezeshkian said no country could address them alone and called for transforming the capacities of the Global South into shared capabilities.

He highlighted Iran's geopolitical position and energy and transit capacities, saying these could contribute to the development of trade and energy corridors among BRICS members. On sustainability, he warned that development that increases inequality or transfers today's costs to future generations cannot be sustainable.

The Iranian president also flagged concerns over the environmental consequences of war, saying damage to energy and industrial infrastructure can affect natural resources beyond economic losses. Pezeshkian identified knowledge and innovation as key elements of the BRICS agenda, stressing that artificial intelligence and emerging technologies should serve as tools for empowering nations rather than instruments of domination.

(You can now subscribe to our Economic Times WhatsApp channel) In an address at the BRICS summit, Pezeshkian, taking a swipe at Western powers, was also critical of "unilateral sanctions", saying they are directly impacting global food security and people's welfare.

The Iranian leader's remarks came weeks after the US imposed new economic sanctions on Iran, tightening the squeeze on Tehran's finances amid ongoing military hostilities between the two sides. The BRICS must play a greater role in building a more balanced, inclusive and just international order, the Iranian president said, stressing that resilience, cooperation and sustainability should be translated into practical action.

The Iranian president said economic resilience could not be sustained without security, referring to what he described as the military aggression by the United States and Israel against Iran. The attacks on Iran's economic, energy and development infrastructure could have consequences beyond national borders, creating regional and global repercussions, he said.

Pezeshkian said the Iranian people had paid a heavy price, with civilians killed and infrastructure built over decades damaged. The Iranian president said the international community has a responsibility to protect civilians and prevent the "normalisation of attacks on civilian targets".

Pezeshkian thanked India, its people and Prime Minister Narendra Modi for hosting the summit, saying its theme -- "Resilience, Cooperation and Sustainability" -- reflected the fundamental global needs at a time when the destinies of nations are increasingly interconnected.

He said the international community's challenge was not merely to manage current crises, but to build a system that strengthens nations against future crises and creates a fairer world. Delving into pressing economic challenges, Pezeshkian said excessive dependence on limited financial and trade systems had made economies vulnerable to political shocks.

Unilateral sanctions directly affected food security and people's welfare, he said, pitching for expanding trade in national currencies and strengthening the New Development Bank to enhance the economic resilience of BRICS members. On the situation in Gaza and Lebanon, Pezeshkian said the people of the region continued to face the consequences of "crimes and genocide".

He called on BRICS to play a more effective role in defending national sovereignty, territorial integrity and the prohibition of the use of force. Elaborating on global challenges, Pezeshkian said no country could address them alone and called for transforming the capacities of the Global South into shared capabilities.

He highlighted Iran's geopolitical position and energy and transit capacities, saying these could contribute to the development of trade and energy corridors among BRICS members. On sustainability, he warned that development that increases inequality or transfers today's costs to future generations cannot be sustainable.

The Iranian president also flagged concerns over the environmental consequences of war, saying damage to energy and industrial infrastructure can affect natural resources beyond economic losses. Pezeshkian identified knowledge and innovation as key elements of the BRICS agenda, stressing that artificial intelligence and emerging technologies should serve as tools for empowering nations rather than instruments of domination.

UKMTO reported a projectile strike on a vessel in the strait, prompting the evacuation of the crew after a fire broke out, although the identity of the attacker remains unconfirmed. This incident followed Saudi Arabia's precautionary closure of its East-West pipeline after a drone attack, which Baghdad and Riyadh attributed to Iraq, and occurred amid ongoing regional conflicts that recently pushed Brent crude prices above $100 per barrel.

According to Iranian authorities, a merchant vessel was struck in the Strait of Hormuz on Sunday, resulting in one confirmed death and three injuries, though the specific cause of the impact has not been independently verified. This incident occurred amid ongoing tensions and a reported blockade by Iran in the waterway, which officials state is in retaliation for attacks by the United States and Israel.

A ship has been struck in the Strait of Hormuz, killing one person and injuring three, local Iranian authorities said, as Tehran and Washington clash over the strategic waterway. Qeshm city governor Amir Teymouri said that a "merchant vessel" was struck around 5am local time (1.

30am Irish time) off the coasts of Hengam and Qeshm islands. One person was killed and three others were injured, the governor said, according to state TV, without specifying the origin of the strike. Several explosions were reported overnight around Qeshm, the largest island in the Hormuz strait.

The deadly incident comes a day before a meeting between Iran and Gulf states in Oman, which also borders the strait, over the blockaded route crucial for global oil and gas trade. Control over the strait has become a major flashpoint in the conflict between Iran and the United States in their six-month war.

In retaliation for attacks by the United States and Israel that started the war on 28 February, Iran has blocked the waterway, a passage that was previously free and unobstructed before the conflict began. Iran now requires vessels to obtain authorisation to pass through the strait, citing security and sovereignty concerns, and is considering a mechanism to impose service fees.

Vessels that fail to comply are frequently targeted by Iranian strikes, while the United States sporadically bombs the Iranian coast in a bid to challenge Tehran's control of the strait. Maritime trackers received new reports of an attack on a ship in the Strait of Hormuz today, adding to concerns about Iran-related threats to global energy supplies after Saudi Arabia shut down a vital oil pipeline.

The British navy-affiliated agency UKMTO said it had a report of a projectile hitting a vessel as it moved through the strait. The amount of damage and the status of the crew were unknown as of early today, the agency said. UKMTO's report came the day after Saudi Arabia said it had temporarily closed its East-West pipeline as a precaution aftera drone attack that both Baghdad and Riyadh said had originated in Iraq, where Iranian-backed militias operate.

Ongoing attacks in the widening Middle East war could sendenergy prices even higher after a week that saw the cost of Brent crude surge back above $100 a barrel. The 1,200-km East-West pipeline running across the Arabian Peninsula has served as the main route out for global supplies of Middle East oil for the past six months while the Strait of Hormuz has been largely shut by war.

It has been moving four million to five million barrels per day, amounting to 4% to 5% of global supply, sparing Saudi Arabia the brunt of the disruption that has crippled other Gulf oil and gas exporters. There was no immediate claim of responsibility for the strikes on the pipeline.

Satellite images showed black smoke rising from an area of the pipeline south of Medina. The attack resulted in some injuries and damage that was being assessed, the Saudi Foreign Ministry said without detailing the impact on exports. US President Donald Trump, visiting Ireland to attend a golf tournament at one of his resorts, said Iran was probably to blame.

Yesterday, Saudi Civil Defence said in a statement that a projectile fired by the Houthis had injured two people in Jazan region, and damaged several buildings, including a mosque. Saudi leader asks for US military help Oil prices shot up over the past week and the retail price of diesel in the United States surged past a record $6 (€5) a gallon as the United States and Iran both fired on tankers and the Houthis in Yemen rapidly advanced along the Red Sea, potentially giving Tehran leverage over both of the region's main oil-shipping corridors.

Washington now faces a dilemma over whether to help the Saudis fight the Houthis, risking further expansion of the war. Saudi Arabia's de facto ruler, Crown Prince Mohammed bin Salman, phoned Mr Trump on Thursday and asked for US military help fighting the Houthis, three sources told Reuters.

They said the prince was told that Washington would not intervene directly for now but would help with intelligence. Mr Trump confirmed yesterday that he had spoken to the crown prince, and said the Houthis had also phoned his administration and asked Washington not to become directly involved in the conflict.

Four Yemeni government sources told Reuters that the Houthis had seized the strategic island of Perim on Friday in the middle of the Bab el-Mandeb strait - the "Gate of Tears" at the southern entrance to the Red Sea. The Houthis have been attacking Saudi ships in the area since declaring a blockade in July and targeting its other oil facilities.

Iranian official plays down Oman meeting There have been no talks between the United States and Iranto end the conflict since a June agreement that collapsed within weeks. In a post on X yesterday, Ebrahim Azizi, head of the Iranian parliament's national security committee, said: "As long as the American side does not accept all of Iran's conditions, dialogue and negotiation are of no use.

" Iran's Foreign Ministry announced on Friday that Iran would be attending a meeting with Gulf Arab states in Oman tomorrow, at which the future of the Strait of Hormuz would be discussed. But a senior Iranian official, speaking to Reuters on condition of anonymity yesterday, played down the chances of a breakthrough, saying the meeting, called at Oman's initiative, was intended to discuss issues including the strait but was not expected to yield a signed agreement.

An agreement on routes through the strait between Iran and Oman will be presented at the meeting tomorrow, but the strait will not reopen unless seven conditions conveyed by Iran to the US are met, a source told Tasnim news agency, without elaborating.

Iran wants its control of the Strait of Hormuz to be recognised, allowing it to collect fees from ships that use it, which Washington rejects. Oman, which controls the opposite bank of the strait, says it is negotiating with the agreement of other regional states.

Ships had free and open passage through the strait before the war began.