As the U.S. sanctions on Iran’s oil industry have already started to mount pressure on Tehran and have halved Iranian oil exports, the Islamic Republic announced that its Navy would hold an annual drill in the Strait of Hormuz—the world’s most important oil chokepoint. Iran will begin on Friday a three-day drill in the Strait of Hormuz, with maneuvers extending as far as the Sea of Oman and the Indian Ocean, The Associated Press quoted Iranian Admiral Hossein Khanzadi as saying on Iran’s state TV on Thursday. Warships, submarines, helicopters, and surveillance aircraft will take part in the drills, which will also include missile launches from the vessels. Last September, a month after the U.S. imposed sanctions on Iran’s financial industry and less than two months before the U.S. sanctions on Iranian oil kicked in, the Islamic Republic’s Air Force and the Islamic Revolution Guards Corps held fighter jet […]