Jaishankar was speaking at the start of a two-day meeting of BRICS foreign ministers in New Delhi, Reuters reported.
"The conflict in West Asia merits particular attention," Jaishankar said, referring to the US-Israeli war against Iran.
"Safe and unimpeded maritime flows through international waterways, including the Strait of Hormuz and the Red Sea, remain vital for global economic well-being."
The impact of the war against Iran, including the effective closure of the Strait of Hormuz, has been described as one of the biggest disruptions to energy markets in history.
The disruption has choked tanker traffic and sent energy prices surging, stoking fears of spiraling inflation and a global economic downturn.
The BRICS grouping, founded by Brazil, Russia, India and China, expanded to include South Africa in 2011. Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates have joined more recently. India holds the BRICS chair for 2026.
Foreign ministers from most member states are attending the meeting in New Delhi, including Iran’s Foreign Minister Abbas Araqchi and the UAE’s Deputy Foreign Minister Khalifa Shaheen Al Marar.
The war has made it harder for the group to reach consensus on a joint statement, reflecting differences between Iran and the UAE, which are on opposing sides in the conflict launched by the US and Israeli regime on February 28.
Jaishankar also said BRICS must address the "increasing resort to unilateral coercive measures and sanctions inconsistent with international law and the UN Charter."
"Such measures disproportionately affect developing countries. These unjustifiable measures cannot substitute dialogue, nor can pressure replace diplomacy."
He said emerging economies expect BRICS to play a constructive and stabilizing role.