Oil Prices Fall Amid Improved Supply, Stalled US-Iran Talks

Oil prices declined on July 31, 2026, as supply improved despite stalled US-Iran talks. Brent futures fell by $1.44, or 1.6%, to $87.59 a barrel, while U.S. West Texas Intermediate (WTI) crude slipped by $1.59, or 1.9%, to $82 a barrel.

The decline came as rising Middle East tension was offset by signs of increased flows in the Strait of Hormuz, a crucial maritime chokepoint that carries about a fifth of global shipments of crude oil and liquefied natural gas.

Saudi Arabia is leading a coalition to boost defense cooperation in the Bab el-Mandeb strait, the Red Sea, and the Gulf of Aden, all of which are key energy supply routes. The Saudi defense ministry stated that 14 nations support this multinational maritime defense coalition.