A high-ranking Iranian official has said Iran's military will practice sealing off the Strait of Hormuz, the world’s most important oil transport channel, in a provocative move that illustrates Iran’s capability of disrupting the world’s oil supply. The announcement Monday by Parviz Sarvari sent oil prices up about $3 to $100 a barrel based on the speculation of a disruption during the military drills, Bloomberg reported. “Soon we will hold a military maneuver on how to close the Strait of Hormuz,” Sarvari, a member of the Iranian parliament’s National Security Committee, said in a statement reported by Reuters. “If...