Iran will close parts of the critical oil shipping lane in the Middle East, the Strait of Hormuz, for a few hours on Tuesday as it is conducting military drills in the area, Iran’s Fars news agency reports. The partial closure is due to “security precautions,” per the semi-official Iranian news agency cited by Reuters. Iran’s naval forces of the Islamic Revolutionary Guard Corps (IRGC) on Monday launched a military drill, dubbed “Smart Control of the Strait of Hormuz,” on the eve of the…