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 Trend.
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 from both countries is currently under review
and in the final drafting stage, with the proposed route expected
to remain operational for two to four months, although Tehran
stressed that the agreement does not amount to a full reopening of
the strategic waterway," the Trading Economics added.
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.
