Strait of hormuz

CENTCOM's statement, while acknowledging "Iran’s right to operate professionally in international airspace and waters," warned against any unsafe or threatening behaviors during the exercise.

The US Department of State is offering a reward of up to $15 million for information that would lead to the identification of entities involved in oil sales conducted by the IRGC.

Oil futures in 2025 have oscillated within a relatively narrow range, with the high coming in January before the Organization of the Petroleum Exporting Countries began production increases.

The ship, a Marshall Islands-flagged tanker named Talara, is not the first ship the IRGC has hijacked, but it had stepped back from such threats recently.

The possibility of Iran closing the waterway, through which about a fifth of global oil and gas shipments pass, was speculated upon during the 12-day air war between Israel and Iran last month.

The loading of the mines - which have not been deployed in the strait - suggests that Tehran may have been serious about closing one of the world's busiest shipping lanes.

Iran’s threat to block the strait has already sent shock waves through trade and transport sectors, with broader consequences expected if the regime follows through

India's oil companies have supplies for several weeks and continue to receive energy supplies from several routes. They will take all necessary steps to ensure stability of supplies to their people.

The decision to close the strait, through which around 20% of global oil and gas demand flows, is not yet final.

Bandar Abbas is a key strategic point on the Strait of Hormuz, as the largest port in the region. It also serves as the headquarters of Iran's naval forces.