Middle East crisis: Oil prices cross $83 per barrel as Strait of Hormuz disruption hits supply
New Delhi: Global crude oil prices rose sharply on Thursday, crossing $83 per barrel, following Iran’s move to shut down the Strait of Hormuz amid escalating tensions in the Middle East.
Oil prices have increased by more than 2 per cent due to concerns over supply disruptions in the region, which is a key route for global energy shipments.
A sustained rise in crude prices could significantly affect India’s import bill. Government estimates indicate that an increase of $1 per barrel in crude oil prices for a full year could raise India’s import bill by around Rs 16,000 crore.
However, government sources said India remains in a relatively comfortable position in the short term. The country currently has crude oil reserves sufficient for about 25 days, along with an additional 25 days’ supply of petroleum products, including shipments already in transit to Indian ports.
India imports nearly 85 per cent of its crude oil requirements from the Middle East, with much of the supply traditionally passing through the Strait of Hormuz, one of the world’s most critical oil transit routes.
Officials said India has strengthened its energy security in recent years by diversifying its sources of crude oil imports. Supplies have increasingly been sourced from countries such as Russia, African nations and the United States, reducing dependence on Gulf routes.
As a result, a portion of India’s oil imports now bypasses the Strait of Hormuz.
India spent about $137 billion on crude oil imports in the financial year ending March 31, 2025. In the current financial year, from April 2025 to January 2026, the country spent approximately $100.4 billion to import 206.3 million tonnes of crude oil.
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Explosions reported in Iran’s Bandar Abbas as Tehran launches new missiles toward Israel
Tehran: Massive explosions were reported in Iran’s southern port city of Bandar Abbas on Thursday. The blasts occurred near Bandar-e Bahonar in the First Naval Zone of the Islamic Revolutionary Guard Corps, close to the strategic Strait of Hormuz.
Iran also reported a fresh wave of strikes beginning around midnight with loud explosions in eastern Tehran. Shockwaves were felt across parts of the capital, though the exact targets were not immediately clear, according to a report published by The Sunday Guardian.
Overnight strikes were also reported in the Kurdish cities of Sanandaj, Saqqez and Bukan. Iranian authorities have confirmed more than 150 cities across the country have been attacked since Saturday.
The Islamic Revolutionary Guard Corps said it had launched a 19th wave of retaliatory attacks targeting Israel and US bases in the region, according to a report by Al Jazeera.
Iran launched a new round of missiles toward Israel on Thursday, according to the Israeli military and Iranian state media. Air raid alerts were issued in several areas including Tel Aviv. There were no immediate reports of casualties.
“The Israeli Air Force has identified missiles launched from Iran toward the territory of the State of Israel,” the military said, adding that air defence systems were operating to intercept the threat.
Iran’s state broadcaster Islamic Republic of Iran Broadcasting also confirmed the missile launches.
