You are using an outdated browser For a better experience using this site, please upgrade to a modern web browser. Subscribe Get Daily Email Subscribe --> Contact Us Sign in Home News & Features Compliance Costs Bunker Prices Bunker Intelligence World News Latest Features World Americas EMEA Asia/Pacific Home News & Features World Saudi Coalition Proposal To Protect Hormuz, Bab el Mandeb Causes 2% Decline In Oil Prices Saudi Coalition Proposal To Protect Hormuz, Bab el Mandeb Causes 2% Decline In Oil Prices by Ship & Bunker News Team Thursday July 30, 2026 Tweet Follow @shipandbunker But two key benchmarks are still on track for a massive 21% monthly gain: File Image/Pixabay Saudi Arabia proposing a naval coalition to protect trade routes in the Strait of Hormuz and the Red Sea from Iranian attacks not only signaled a possible turning point in the five month old U.S./Iran war, it rekindled optimism within the oil investment community – and caused crude on Thursday to shed  about 2 percent . The Saudi Defense Ministry confirmed that over 40 countries participated  in a meeting to discuss “strengthening maritime defence cooperation and unifying efforts to protect the security of maritime passages.” The coalition would include Saudi Arabia, Kuwait , Qatar and Bahrain from the Gulf Cooperation Council , as well as Pakistan , Turkey , Egypt and Jordan . “ The risk premium in oil is not going anywhere Tim Waterer, chief market analyst, KCM Trade This development reversed price gains triggered by a heavy wave of U.S. strikes in Iran in response to attacks on American forces in Jordan, a two-hour campaign that targeted military command centers, missile and drone facilities, coastal surveillance and defence sites, and maritime capabilities. Brent dropped nearly 2 percent to settle at $89.03 per barrel, and West Texas Intermediate declined about 1 percent to settle at $83.59 per barrel; both benchmarks were on track for a 21 percent monthly gain, the big