Oil prices fell on Friday but kept on track for a monthly ​rise of about a fifth, as more supplies flowed through crucial ‌maritime chokepoints, despite a lack of major breakthroughs in talks between the United States and Iran.

Brent futures fell $1.03, or 1.2%, to $88 a barrel, while US ​West Texas Intermediate (WTI) crude slipped $1.50, or 1.8%, to $82.09 a barrel. On ​a monthly basis, both benchmarks were set to rise about ⁠20%.

Crude oil is edging lower as rising tension Middle East tension is ​being offset by signs of increased flows in the Strait of Hormuz, ​said Daniel Hynes, a senior commodity analyst at ANZ.

The strait, which usually carries about a fifth of global shipments of crude oil and liquefied natural gas, has been ​a focal point for oil markets as it has been largely blockaded ​since the February 28 launch of the US-Israel war on Iran.

Saudi Arabia seeks to ‌lead ⁠a coalition to boost defence cooperation in the Bab El-Mandeb Strait, the Red Sea and the Gulf of Aden, all chokepoints for energy supplies.

The Saudi defence ministry said 14 nations, including Djibouti, Egypt, Pakistan, Sudan and Turkey, ​were in support ​of the multinational ⁠maritime defence coalition.

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Iran-aligned Houthi militants in Yemen declared a naval blockade last week on Saudi Arabia, threatening the ​Red Sea route for its oil exports, an alternative ​to the ⁠Strait of Hormuz.

Although tanker traffic has continued through the Strait of Hormuz and the Red Sea, higher security risks have boosted freight costs and insurance ⁠premiums to ​embed a significant geopolitical risk premium in ​oil prices, said Priyanka Sachdeva, analyst at Phillip Nova.

“While prices eased from recent highs, the ​broader trend remains constructive,” Sachdeva said.