BAKU, Azerbaijan, August 6. The price of Azerbaijan's Azeri Light crude fell by $0.64, or 0.7%, to $91.04 per barrel on a CIF basis at Italy's Augusta port, a source in the oil market told TurkicWorld about this.
The source said the price of Azeri Light on an FOB basis at Türkiye's Ceyhan port declined by $0.99, or 1.11%, to $87.89 per barrel.
The price of Urals crude fell by $0.39, or 0.69%, to $56.77 per barrel, while Dated Brent crude from the North Sea dropped by $0.68, or 0.79%, to $85.28 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price of $65 per barrel.
According to Trading Economics, oil traded at around $75 per barrel on Thursday. Prices have fallen for three consecutive sessions, although an agreement between Iran and Oman on a new shipping route through the Strait of Hormuz has raised expectations of higher energy supplies from the Middle East.
A joint statement by the two countries is in the final stages of drafting, and the proposed route is expected to become operational within two to four months. However, Tehran stressed that the agreement does not amount to the full reopening of the strategically important Strait of Hormuz.
Meanwhile, although U.S. officials continue to express confidence that an agreement with Iran is drawing closer, investors remain cautious about the durability of long-term peace in the region.
At the same time, the Iran-backed Houthi movement in Yemen claimed responsibility for targeting a Saudi oil tanker in the Gulf of Aden and threatened other vessels operating in the Red Sea, underscoring that risks to regional maritime shipping remain elevated.
