Ice Brent futures slipped further in early Asian trading after Saudi Arabia announced the formation of a maritime defence alliance.
The Ice front-month September Brent contract was at $88.16/bl at 04:00 GMT, lower by 87¢/bl from its settlement on 30 July, when it ended $1.71/bl lower.
The Nymex front-month September crude contract was at $82.34/bl, down by $1.25/bl from its settlement on 30 July, when it ended 87¢/bl lower.
Saudi Arabia on 30 July announced the formation of a maritime defence alliance with 13 other countries to address shared maritime threats and protect navigation through the Bab el-Mandeb strait, the Red Sea and the Gulf of Aden.
US forces carried out heavy strikes against targets in Iran's coastal and urban areas, following an Iranian strike on a US base in Jordan and a drone attack on Egypt's Damietta port on 29 July.
Traffic through the strait of Hormuz remains concentrated in the northern transit lane despite the reprisal of US attacks aimed at disrupting Iran's control of commercial shipping through the narrow waterway.
Meanwhile, US economic growth slowed to an annual 1.5pc pace in the second quarter, as slower government spending and increased imports partly offset stronger consumer spending and investment. Growth slowed from an annual 2.1pc in the first quarter and followed 0.5pc in the fourth quarter 2025, the Bureau of Economic Analysis (BEA) reported on 30 July. Economists surveyed by Trading Economics had forecast growth of 2.1pc.
Ice Brent futures slipped further in early Asian trading after Saudi Arabia announced the formation of a maritime defence alliance.
The Ice front-month September Brent contract was at $88.16/bl at 04:00 GMT, lower by 87¢/bl from its settlement on 30 July, when it ended $1.71/bl lower.
The Nymex front-month September crude contract was at $82.34/bl, down by $1.25/bl from its settlement on 30 July, when it ended 87¢/bl lower.
Saudi Arabia on 30 July announced the formation of a maritime defence alliance with 13 other countries to address shared maritime threats and protect navigation through the Bab el-Mandeb strait, the Red Sea and the Gulf of Aden.
US forces carried out heavy strikes against targets in Iran's coastal and urban areas, following an Iranian strike on a US base in Jordan and a drone attack on Egypt's Damietta port on 29 July.
Traffic through the strait of Hormuz remains concentrated in the northern transit lane despite the reprisal of US attacks aimed at disrupting Iran's control of commercial shipping through the narrow waterway.
Meanwhile, US economic growth slowed to an annual 1.5pc pace in the second quarter, as slower government spending and increased imports partly offset stronger consumer spending and investment. Growth slowed from an annual 2.1pc in the first quarter and followed 0.5pc in the fourth quarter 2025, the Bureau of Economic Analysis (BEA) reported on 30 July. Economists surveyed by Trading Economics had forecast growth of 2.1pc.
By Fabian Ng