BAKU, Azerbaijan, July 28. The price of Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's Augusta port decreased by $7.15, or 6.96%, from the previous session to $95.58 per barrel, a source in the oil market told Trend about this.
"The price of Azerbaijan's Azeri Light crude on an FOB basis at the Turkish port of Ceyhan fell by $7.27, or 7.36%, to $91.48 per barrel. The price of URALS crude went down by $7.39, or 11.43%, from the previous session to $57.26 per barrel. The price of North Sea Dated Brent crude fell by $7.78, or 7.91%, from the previous session to $90.55 per barrel," the information said.
Azerbaijan's 2026 state budget is based on an average oil price of $65 per barrel.
According to Trading Economics, crude oil prices fell to $81 a barrel on Tuesday, their third straight session of decline, after U.S. President Donald Trump said he was holding "productive talks" with Iran to end the conflict in the Middle East.
"The statement has raised optimism that oil supplies from the region could return to normal.
Trump has reportedly decided to halt strikes on Iran to give talks another chance. The U.S. quietly halted its strikes on Iran late on Friday after nearly two weeks of confrontation. Tehran has responded by halting retaliatory strikes on U.S. military bases in neighboring countries.
Meanwhile, Iranian and Omani officials held talks over the weekend to reach an agreement to reopen shipping in the strategically important Strait of Hormuz.
On the supply side, the situation has also improved. Crude oil exports have resumed through the Caspian Pipeline Consortium (CPC) terminal on Russia's Black Sea coast, which was disrupted by Ukrainian drone attacks. The terminal is considered one of the main routes for Kazakh oil exports," the report noted.
