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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Thieves break into forest officer’s house in Ullal, decamp with bike, jewellery and ₹10.5 lakh cash
Mangaluru: Thieves broke into the rented house of a forest officer in the Kotekar sub-division of Ullal and stole a motorbike, ₹10.5 lakh in cash and gold and silver jewellery weighing about 181 grams, police said. The incident came to light on Thursday morning after Mehboob returned home from his native after nearly one week
The victim, Mehboob Saab Gudihola, had been living in the house with his wife and child for the past six months. According to the complaint, the family had travelled to their native place in Koppal on Friday.
The theft came to light when Gudihola returned home on Thursday morning and found that the house had been broken into.
In his complaint to police, Gudihola said the accused had entered the house through the main door and broke open cupboards in two rooms. The thieves allegedly stole gold and silver jewellery weighing around 181 grams, including ornaments belonging to the child.
They also took away ₹10.5 lakh in cash, which Gudihola told police he had brought home after availing a bank loan. In addition, a motorbike parked on the premises was also stolen.
Following the complaint, Ullal Police registered a case and launched an investigation. A dog squad and forensic experts visited the house and conducted an inspection.
