BAKU, Azerbaijan, August 7. The price of Azerbaijan's Azeri Light crude grew by $2.33, or 2.56%, to $93.37 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 rose by $2.41, or 2.74%, to $90.30 per barrel.
The price of Urals crude increased by $3.32, or 5.85%, to $60.09 per barrel, while Dated Brent crude from the North Sea went up by $2.32, or 2.72%, to $87.60 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price of $65 per barrel.
According to Trading Economics, oil prices rose above $78 a barrel on Friday, extending gains from the previous session. The report said renewed tensions in the Strait of Hormuz have unsettled markets and raised fresh questions about efforts to fully reopen the vital shipping route.
"Iran has reportedly struck what it calls 'hostile targets' in the strait after explosions were reported near Qeshm Island.
Under a draft agreement between Iran and Oman to regulate the strait, Tehran proposes to ban U.S. and Israeli ships from passing through the Strait of Hormuz and require countries deemed hostile to it to pay compensation before they are allowed to pass.
Iran has also proposed imposing fines of 20% of the value of the cargo for ships that violate the rules and said the strait would remain only partially open until the U.S. naval blockade is lifted.
The Iranian parliament is currently considering the draft, which would impose stricter conditions for commercial shipping than markets had expected," the report said.
