Arya News - Oil prices are on the rise on Tuesday as Iran partially closed the Strait of Hormuz, a critical shipping path, to conduct military drills.
Feb. 17 (UPI) -- Oil prices climbed on Tuesday as Iran partially closed the Strait of Hormuz, a critical shipping path, to conduct military drills.
Fars, an Iranian news agency , cited "security precautions" as the reason for the closure, with no indication of when the Strait of Hormuz will fully open again.
About 13 million barrels of crude oil were transported through the strait each day in 2025, making up about 31% of oil shipments by sea. It is the main seaborne export route for Middle Eastern oil shipping to Asia.
Iranian naval forces began the drill "Smart Control of the Strait of Hormuz," on Monday.
The drill involves deploying drones capable of striking aerial and maritime targets and is "focused on enhancing operational readiness, strengthening deterrence, and reinforcing multilayered defense," Fars reported.
Tuesday is the first time that Tehran has closed any part of the Strait of Hormuz since President Donald Trump threatened military action against Iran in response to the killings of protesters.
The United States has posted warships on the Indian Ocean as Trump attempts to negotiate with Iran to scale back its nuclear program.
The United States and Iran held a second round of negotiations in Geneva on Tuesday. Trump was not present for those negotiations but said he would participate "indirectly."