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Brent is set for an 8% weekly loss, but ongoing disruptions in the Strait of Hormuz and the Red Sea continue to support oil prices near $90 a barrel.

Friday, July 31, 2026

Oil prices are set for an 8% weekly loss after the sell-off earlier this week was halted by the reality of two disrupted waterways in the Middle East, with Saudi Arabia seeking to organize a maritime coalition against the Houthis. The IRGC claims to have turned around several tankers in the Strait of Hormuz; however, that could also suggest shippers won't give up on exiting the Strait anytime soon. Hence, as Tehran rejected Oman's proposal for a joint regional management of Hormuz and there being no new US-Iran talks on the agenda, ICE Brent will end July at $90 per barrel.

More from Yahoo Scout Why is BP exiting its North Sea operations? What's driving Brent oil's 8% weekly loss? What impact are drone strikes having on shipping? How are Middle East waterway disruptions affecting prices?

BP Prepares North Sea Exit. Citing high taxes and a worsening investment climate, UK oil major BP (NYSE:BP) has formally launched a process to sell its UK North Sea oil and gas business, some 115,000 b/d of output, marking a historic retreat from a basin where it has operated for more than six decades.

Saudi Arabia Seeks Red Sea Shipping Coalition. Saudi Arabia has announced the creation of an international coalition to safeguard Red Sea shipping from Houthi attacks, joined by 13 other countries, with Riyadh set to serve as the founding and leading state and host the alliance's new headquarters.

Drone Strike Reaches Egypt's LNG Gateway. Egypt confirmed that a drone attack caused a fire on two gas vessels at Damietta port, including the Energos Winter FSRU, one of the three operational LNG import terminals in the country that already saw inflows of 1.5 million tonnes LNG so far in 2026.

CPC Mulls Loadings Halt After Fresh Drone Strikes. The Caspian Pipeline Consortium has suspended oil loadings at its Black Sea export terminal following another round of drone attacks on incoming tankers, with suppliers of Kazakh crude mulling an 'indefinite halt' until they receive safety guarantees.

Rhine Bottleneck Chokes Europe's Fuel Arteries. Critically low water levels on Germany's Rhine River have severely disrupted inland fuel transportation, constraining fuel flows from Northwest Europe as water levels at the key Kaub chokepoint fell to just 25 cm, driving freight rates to multi-year highs.

South Korea Eyes PDVSA Imports as Supply Risks Mount. South Korea's refiners are evaluating imports of Venezuelan crude for the first time in years as disruptions in the Middle East prompt a search for alternative feedstocks, just as Venezuelan exports to the US reached a record high of 715,00 b/d in July.