Oil prices fall after Saudi Arabia proposes naval coalition to protect ships from attack

"Oil prices fell Thursday after Saudi Arabia proposed a naval coalition to protect key trade

routes as ships come under attack from Iran and its allies in the Red Sea and Strait of Hormuz.
The Saudi Defense Ministry said more than 40 countries attended a meeting to discuss "strengthening maritime defense cooperation and unifying efforts to protect the security of maritime passages."
The effort to forge a naval alliance comes as Iran's Houthi allies in Yemen declared a maritime embargo of Saudi Arabia last week. Iran has repeatedly attacked ships transiting the Strait of Hormuz.
Egypt, meanwhile, said two ships were hit by a drone attack at the Port of Damietta on the Mediterranean. Damietta is the site of a liquefied natural gas hub. Nobody has claimed responsibility for the attack." cnbc