Commodities
Saudi Coalition Aims to Secure Key Shipping Routes Amid Iran Tensions
Oil prices declined on Thursday after Saudi Arabia proposed the formation of an international maritime coalition to protect key global trade routes. The move comes amid continued attacks on commercial shipping in the Red Sea and the Strait of Hormuz by Iran and its allies.
The initiative follows last week's announcement by Yemen's Iran-backed Houthi movement of a maritime blockade against Saudi Arabia, while Iran has continued targeting vessels transiting the Strait of Hormuz.
Brent crude futures fell about 2% to settle at $89.03 per barrel, while US West Texas Intermediate (WTI) crude declined about 1% to close at $83.59 per barrel.