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.
