West Texas Intermediate crude futures closed 87 cents lower after reports that Saudi Arabia is spearheading a maritime alliance to enhance security cooperation in the Red Sea. WTI crude for September delivery fell 1.03 percent to settle at 83.59 dollars a barrel. Brent crude for September delivery dropped 1.71 dollars, or 1.88 percent, to close at 89.03 dollars a barrel. Saudi Arabia's defense ministry said 14 countries, including Turkey, Pakistan, Egypt, Sudan, and Djibouti, issued a joint statement supporting the proposal to form the alliance. This comes amid concerns that Iran-backed Houthi militants in Yemen declared a naval blockade against Saudi Arabia last week, affecting oil export routes through the Red Sea. Meanwhile, investors are watching the OPEC+ meeting this Sunday, with expectations of an announcement to increase oil production by another 188,000 barrels per day in September.