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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.

31 Jul 2026, 02:46 UTCSource: Economic TimesOriginal source

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⚠️ A model estimate of cascade risk — not a guarantee and not buy/sell. Calibration uses resolved outcomes only; monitor confirmation indicators below.
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