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Oil Prices Rise as Iran Closes Parts of the Strait of Hormuz for Naval Drills

OilPrice · Charles Kennedy · last updated
Iran will close parts of the critical oil shipping lane in the Middle East, the Strait of Hormuz, for a few hours on Tuesday as it is conducting military drills in the area, Iran’s Fars news agency reports.   The partial closure is due to “security precautions,” per the semi-official Iranian news agency cited by Reuters.   Iran’s naval forces of the Islamic Revolutionary Guard Corps (IRGC) on Monday launched a military drill, dubbed “Smart Control of the Strait of Hormuz,” on the eve of the…
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