Oil prices are on the rise on Tuesday as Iran partially closed the Strait of Hormuz, a critical shipping path, to conduct military drills.

The military exercises come as tensions are high between the U.S. and Iran.

Iranian state media reported the partial closure of the Strait of Hormuz on Tuesday for military drills in the waterway.

TEHRAN: Iran will close parts of the strategic Strait of Hormuz for “safety” measures during military drills by its Revolutionary Guards, state TV reported on Tuesday. “Parts of…

Oil prices are on the rise on Tuesday as Iran partially closed the Strait of Hormuz, a critical shipping path, to conduct military drills.