BAKU, Azerbaijan, August 10. The price of Azerbaijan's Azeri Light crude grew by $0.56, or 0.6%, to $93.93 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 $0.65, or 0.72%, to $90.95 per barrel.
The price of Urals crude increased by $1.24, or 2.06%, to $61.33 per barrel, while Dated Brent crude from the North Sea went up by $1.59, or 1.81%, to $89.19 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price of $65 per barrel.
According to Trading Economics, the price of crude oil rose to approximately $79 per barrel on Monday, continuing the upward trend seen last week. It is noted that the price increase was driven by ongoing uncertainty surrounding the Strait of Hormuz.
“Iran and Oman have not yet finalized an agreement to reopen this strategically important waterway. Mixed signals coming from Tehran and Washington have raised questions about how quickly an agreement can be reached.”
Iranian Foreign Minister Abbas Arakchi stated that Tehran is not currently engaged in direct negotiations with the U.S. He also emphasized that, in order to reopen the Strait of Hormuz, Washington must lift the blockade imposed on Iranian shipping and pay compensation for the damage caused.
These statements contradict earlier reports from the U.S. that an agreement was close at hand. U.S. President Donald Trump, for his part, stated that Washington is currently addressing this issue at a “low level.”
Meanwhile, the Iran-aligned Houthis in Yemen claimed to have attacked an oil refinery in the city of Jizan, located in Saudi Arabia. “In addition, over the weekend, a tanker operated by the Abu Dhabi National Oil Company (ADNOC) was attacked in the Strait of Hormuz,” the statement said.
