BAKU, Azerbaijan, August 5. The CIF price of Azerbaijan's Azeri Light crude at Italy's Augusta port decreased by $5.05, or 5.22%, from the previous level to $91.68 per barrel, a source in the oil market told TurkicWorld.
FOB price of Azeri Light crude at Ceyhan port in Türkiye went down by $4.66, or 4.98%, to $88.88 per barrel.
The price of Urals crude dropped by $4.11, or 6.79%, from the previous level to $56.38 per barrel.
Meanwhile, Dated Brent crude produced in the North Sea fell by $5.47, or 5.98%, to $85.96 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price assumption of $65 per barrel.
According to Trading Economics, oil prices fell for a third straight session on Wednesday, falling back toward $75 a barrel, bringing the weekly decline to more than 10%.
"The main pressure on prices was the improvement in the prospects of the offer, amid growing optimism that a temporary agreement will be reached to reopen the Strait of Hormuz.
On Tuesday, Qatar announced that a temporary offer had been prepared on this issue. Both Washington and Tehran announced progress in talks aimed at restoring shipping through the strategically important strait.
U.S. President Donald Trump had earlier announced that he had suspended a planned military operation against Iran in order to allow diplomacy, while also emphasizing the importance of reopening the Strait of Hormuz as soon as possible.
Meanwhile, Iran is reportedly considering a proposal to allow European countries to participate in clearing the strait of mines. Tehran also announced that talks with Oman on ensuring safe shipping routes are progressing.
Saudi Arabia is also continuing talks between Omani mediators and the Houthi movement in Yemen in order to prevent further escalation of the conflict in the Red Sea," the report noted.
