New Delhi [India], March 1 (ANI): The ongoing conflict in West Asia will inevitably raise freight costs and stretch supply chains, SC Ralhan, President of the Federation of Indian Export Organisations (FIEO) said.

In addition, FIEO, in a brief statement, cautioned that heightened geopolitical risk typically results in higher marine insurance premiums, further adding to transaction costs for exporters.

'A prolonged disruption could also exert upward pressure on global energy prices, with consequential implications for input costs and currency stability, including pressure on the Rupee,' observed FIEO.

While Indian exporters have demonstrated resilience in navigating past disruptions, sustained instability in these critical trade corridors would warrant close monitoring and calibrated policy support to maintain competitiveness, said FIEO Chief.

On Saturday, the United States and Israel carried out joint missile attacks on Iran, with large explosions reported in Tehran and other major cities, signalling a sharp escalation that risks expanding tensions into a broader regional conflict in the West Asia.

Meanwhile, Iran has retaliated, targeting Israel and US assets in multiple Gulf states. Multiple explosions have been heard in Iran's capital, Tehran, while blasts have also been reported in several other locations across the country.

Iran's Supreme Leader, Ayatollah Ali Khamenei, was killed in an Israeli airstrike on Tehran, senior Israeli officials were informed on Saturday evening, according to The Jerusalem Post.

Senior Israeli officials were also informed that the body of Iran's Supreme Leader was found under the rubble left by the air strike, the report said.

United Nations Secretary-General Antonio Guterres called for an immediate halt to hostilities and urgent de-escalation in the West Asia, urging world leaders to 'act responsibly'. During the emergency meeting to address the situation in Iran and the West Asia, Guterres said, 'Let's act responsibly and together to pull the region and our world back from the brink.' (ANI)