BAKU, Azerbaijan, August 4. The CIF price of Azerbaijan's Azeri Light crude at Italy's Augusta port decreased by $5.14, or 5.05%, from the previous level to $96.73 per barrel, a source in the oil market told Trend.
FOB price of Azeri Light crude at Ceyhan port in Türkiye went down by $4.71, or 4.79%, to $93.54 per barrel.
The price of Urals crude dropped by $4.42, or 6.81%, from the previous level to $60.49 per barrel.
Meanwhile, Dated Brent crude produced in the North Sea fell by $5.14, or 5.32%, to $91.43 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 rose to around $81 a barrel on Tuesday, but held on to much of the previous session's decline as investors weighed the prospect of a deal between the U.S. and Iran that could lead to the full reopening of the Strait of Hormuz.
U.S. President Donald Trump said his offer of talks was Tehran's last chance to reach an agreement and expressed confidence that the Strait of Hormuz would reopen soon. Iran, however, denied that it was holding direct talks with the U.S., but said talks with Oman to increase shipping through the strait were making progress.
"On the other hand, Türkiye and Iraq have strengthened alternative export routes by extending a key oil pipeline agreement for another year. Kazakhstan has resumed crude oil shipments through the Caspian Pipeline Consortium (CPC) after a short break.
Meanwhile, OPEC+ has also approved another small production increase, completing the planned restoration of production restrictions imposed in 2023," the report emphasized.
