As the tensions between Israel and Iran continue to escalate, India is keeping a close watch on the situation and reviewing developments on a daily basis, petroleum minister Hardeep Singh Puri said on Monday.

Despite stunning early successes in Israel’s unprecedented strikes on Iran, a weekend of intensive bombardment and retaliation is raising questions about Israel’s exit strategy – how it can end this conflict with its ambitious goals achieved.

Due to the war, India is increasingly at risk of collateral economic fallout, with energy security, trade routes, and key commercial interests facing growing uncertainty, the GTRI said.

At least 270 died when the Air India flight crashed into the campus of a medical college in Ahmedabad shortly after takeoff on Thursday. Only one passenger among the 242 aboard survived. At least 29 others on the ground, including five medical students inside the hostel, were also killed.

India's equity benchmarks are set to open little changed on Monday after two straight sessions of losses, as the conflict between Israel and Iran showed no signs of cooling, denting risk sentiment.

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The Israel-Iran conflict has intensified as both nations launched missile strikes at each other, with Iran targeting Tel Aviv and Haifa, resulting in civilian casualties and infrastructure damage, and Israel retaliating by striking military and nuclear facilities in Iran.