Oil Price Today (July 31): Crude oil extends fall to $88. What’s behind the decline amid Iran war?
- Posted on July 31, 2026
- By Business News Today
- 1 Views
- 1 min read
In brief
Crude oil prices declined to $88 as geopolitical tensions in the Middle East evolve. Saudi Arabia is strengthening regional maritime security by assembling a 14-nation coalition including Turkey, Pakistan, Egypt, Sudan, and Djibouti. This defensive alliance aims to protect critical shipping routes in the Red Sea, Gulf of Aden, and Bab El-Mandeb Strait. The strategic partnership reflects growing concerns about regional stability and trade security in one of the world's most vital energy corridors.
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Oil Price Today (July 31): Crude oil extends fall to $88. What’s behind the decline amid Iran war?
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.
