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Line chart of WTI crude oil prices from July 8 to July 28, 2026, marked with Middle East escalation and de-escalation events.

A claimed strike on Saudi Arabia's East-West Pipeline, the route built specifically to move crude around the Strait of Hormuz, landed the same day Oman proposed a formal mechanism to manage Hormuz shipping. Saudi Arabia separately intercepted drones aimed at petroleum facilities. Oil's continued three-session decline suggests markets still see diplomacy as the more likely path, but the incident shows the underlying supply risk has shifted toward alternative routes rather than disappearing.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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