By Georgina McCartneyJuly 30 (Reuters) - Oil prices settled lower on Thursday after a volatile session, as traders digested proposed plans for a Saudi Arabia-led maritime coalition to boost defense cooperation around the Red Sea. Saudi Arabia seeks to lead a coalition to boost defense cooperation in the Bab El-Mandeb ‌Strait, the Red Sea and the Gulf of Aden. The Saudi defense ministry said 14 states including Turkey, Pakistan, Egypt, Sudan and Djibouti have issued a ‌joint statement in support of the proposed multinational maritime defense coalition. Iran and Oman continued talks on the management of the ⁠Strait of Hormuz, according to the Iranian Labour News Agency. On Wednesday, a senior Iranian official said Iran had ruled out Oman's proposal for regional joint management of the waterway.