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.
