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The Economic Times
The Economic Times
Veer Sharma

Oil Price Today (July 31): Crude oil extends fall to $88. What’s behind the decline amid Iran war?

Oil Iran crude oil Anindya Banerjee Saudi Arabia The Red Sea the Strait of Hormuz Egypt Gulf United States

Oil prices extended losses on Friday as investors assessed Saudi Arabia's proposal to lead a multinational maritime defense coalition aimed at bolstering security along key Red Sea shipping routes.

Saudi Arabia is seeking to spearhead a coalition to enhance defense cooperation in the Bab El-Mandeb Strait, the Red Sea and the Gulf of Aden. The Saudi defense ministry said 14 countries, including Turkey, Pakistan, Egypt, Sudan and Djibouti, had issued a joint statement backing the proposed maritime security alliance.

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