Oil Prices Extend Decline Despite Rising Red Sea Risks
2026-07-28 07:21:35
Oil prices mostly extended their decline even as risks in the Red Sea intensified. According to Jin10, Iran and Oman are seeking an agreement to reopen the Strait of Hormuz after temporarily cooler U.S.-Iran hostilities spurred diplomatic efforts, and the Caspian Pipeline Consortium terminal has resumed pipeline loading operations after a one-week suspension. Saudi Arabia said it intercepted drones fired by Iranian-backed Iraqi militias at oil facilities. Goldman Sachs data showed Gulf crude flows have fallen to 41% of prewar levels, while Red Sea crude transport dropped by more than 3 million barrels per day over the past week.
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