Oil Slips But Remains on Track for Monthly Gain of Around 20% -- Market Talk

0752 GMT - Oil prices fall in early trading but remain on track for a monthly surge of around 20%. Ship-tracking data point to a modest increase in tanker traffic through the Strait of Hormuz, according to analysts, while Saudi Arabia unveiled plans for a multinational maritime ​defense coalition aimed at protecting international shipping. Front-month Brent crude is down 1.1% to $88.09 a barrel, while WTI falls 1.4% to $82.42 a barrel. Still, risks remain elevated, with a drone strike at Egypt's Damietta port raising fresh concerns over Suez Canal shipping. "The U.S. and Iran engage in intermittent military exchanges but stop short of a return to high-intensity warfare," BMI analysts say. "This sets the stage for volatile price movements over the coming weeks and months, with a shaky diplomatic track and volatile conditions on the ground driving sudden and extreme shifts in market fundamentals and risk premia." (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

July 31, 2026 03:53 ET (07:53 GMT)