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2026-02-17 19:31:08
[Partial Closure of Strait of Hormuz for Several Hours Sparks Supply Concerns] ⑴ According to Iran's semi-official Fars News Agency on Tuesday, a section of the Strait of Hormuz will be closed for several hours on Tuesday as a "precautionary measure" for shipping security due to naval exercises conducted by the Iranian Islamic Revolutionary Guard Corps. ⑵ The Strait of Hormuz is the world's most important oil shipping chokepoint, connecting major Gulf oil-producing countries such as Saudi Arabia, Iran, Iraq, and the UAE with the Gulf of Oman and the Arabian Sea. Approximately one-fifth of the world's oil supply passes through it daily. ⑶ This temporary closure comes at a geopolitically sensitive time. The previous day, Iran conducted live-fire military exercises in the same area, and US and Iranian officials are scheduled to hold talks in Geneva later on Tuesday. The market is closely watching the potential impact of the exercises and the closure of the shipping lanes on crude oil supplies. ⑷ Although it is only a temporary closure of a few hours, this news has exacerbated market concerns about the security of oil shipping routes. Oil prices, previously pressured by expectations of US-Iran talks, may find support due to the renewed escalation of geopolitical tensions.
