BRICS summit begins in New Delhi: Iran war, oil shock and dollar dominance loom over meet

As the world faces deep geopolitical fractures, volatile energy markets and rising distrust in the global financial system, New Delhi is hosting the BRICS Foreign Ministers’ Meeting 2026 on May 14 and 15. The summit comes amid the ongoing US-Israel-Iran conflict, soaring oil prices and widening divisions within the expanded BRICS bloc that now includes Iran and the UAE. While India hopes to secure a joint statement, tensions over West Asia, sanctions, dollar dominance and energy insecurity are expected to dominate discussions.