Oil Price Today July 31: Crude oil extends fall to $88. What’s behind the decline amid Iran war?
Crude oil prices fell further on Friday, with Brent crude trading at $88 per barrel, as investors reacted to Saudi Arabia's proposal for a multinational maritime defense coalition to secure Red Sea shipping routes. This decline follows heightened tensions after Iran-backed Houthi militants threatened a naval blockade on Saudi Arabia, impacting crucial oil export routes. The ongoing conflict and military exchanges between the U.S. and Iran continue to influence market volatility.