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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25 lakh properties in Bengaluru brought under e-Khata system: Shivakumar
Bengaluru (PTI): Karnataka Deputy Chief Minister D K Shivakumar on Friday said that the state government has brought over 25 lakh properties under the e-Khata system in Bengaluru.
e-Khata is an electronic property certificate that maintains ownership information in an online database.
The e-Khata initiative aimed to ensure accuracy, transparency and universal coverage for property owners, he said.
Addressing a press conference here, Shivakumar, who is also the Bengaluru in-charge Minister, said over 25 lakh properties are being brought under the e-Khata system. Of them more than 7,000 applications have been processed, and additional outreach measures being planned for those yet to obtain their e-Khata.
"Twenty five lakh e-Khatas is a great number which has created history," he said.
The Deputy CM said the government is ensuring that every e-Khata will have its GPS, the shape of the property, and the measurement with every photo and document.
He explained that the government is integrating Aadhaar details, digital documentation, GPS mapping and property sketches to create a robust database.
"We want to see that every record is filled right. They (officials) are asking for documentation, stamp, digital documents. We wanted to connect every Aadhaar card and have it online," Shivakumar said.
To facilitate access, the Deputy CM announced the opening of more than 50 centres across Bengaluru, many of them in government schools, where citizens can apply for or rectify their e-Khata records.
"All of them will be working this Saturday. This 'Khata Mela' will be done. It is 'Nanna Khata, Nanna Swathu'," he said.
Applicants whose documents require verification will be given an acknowledgement and asked to return after 15 days, during which officials will conduct site inspections, he said.
Shivakumar said the government has also taken steps to identify and reclaim properties recorded as roads in revenue documents, asserting that such lands belong to the government.
"We have decided through the law that all the roads in the revenue records have been taken out. Those properties belong to the government itself," he said.
He noted that the initiative has received recognition from the Union government. "The Government of India has awarded us. It said that it is the model for the entire country," he said, while thanking officials involved in the project.
The Deputy CM said the government expects around 10 lakh additional households to benefit from the drive and assured that even those who have not downloaded their documents will receive printed copies free of cost at their residences.
"We will see that all the 25 lakh people will get their e-Khata to their home free of cost," Shivakumar said.
On apartment properties, he said all flats that have obtained occupancy certificates have been cleared.
"All the 37,460 flats (who have applied for e-Khata) have been issued an occupancy certificate. We have cleared all of them," the Deputy CM said.
