India is treading a fine line as tensions rise between Iran and Israel. With $1.68B trade with Iran and $5B with Israel, India must carefully safeguard energy security, Chabahar port investments, and booming defense-tech ties. Disruptions in tea exports, freight cost hikes, and threats to oil routes via the Strait of Hormuz raise urgent concerns. India’s diplomatic silence reflects its policy of strategic ambiguity — de-escalate, diversify, and defend its interests.