Almost one third of oil trade by sea passes through Hurmuz Missiles will be launched during the annual drill “Velayat-97” TEHRAN: Iran’s navy says it will hold an annual drill in the strategic Strait of Hormuz as pressure mounts on the country months after the United States re-imposed sanctions on Iran, targeting its vital oil sector. The strait is located at the mouth of the Arabian Gulf and is crucial to global energy supplies, with about a third of all oil traded at sea passing through it. Iranian Admiral Hossein Khanzadi told state TV on Thursday the 3-day maneuvers will start on Friday and extend as far as the Sea of Oman and the fringes of the Indian Ocean. He said submarines, warships, helicopters and surveillance planes will participate in the drill, dubbed as “Velayat-97.” The exercise will include missile launches from the vessels. Iran regularly holds maneuvers in the strait.