BAKU, Azerbaijan, August 11. The price of
Azerbaijan's Azeri Light crude grew by $1.23, or 1.3%, to $95.16
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 $1.37, or 1.5%, to $92.32 per
barrel.
The price of Urals crude increased by $2.2, or 3.6%, to $63.53
per barrel, while Dated Brent crude from the North Sea went up by
$2.73, or 3.1%, to $91.92 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price
of $65 per barrel.
According to the latest data from Trading Economics, crude oil
held above $82 per barrel on Tuesday after rising for three
consecutive sessions, supported by heightened uncertainty over a
potential deal between the U.S. and Iran to end the war and reopen
the Strait of Hormuz. President Donald Trump issued sweeping new
demands on Iran, including compensation for people the Islamic
Republic has killed in conflicts, after Tehran reiterated calls for
reparations as part of negotiations to wind down the conflict. The
demands have clouded prospects for a near-term agreement, keeping
markets wary of prolonged supply disruptions. Trump also indicated
that he was prepared to allow economic pressure on Iran to
intensify rather than launch new military strikes to force the
reopening of Hormuz. Meanwhile, Iran and Oman have yet to reach an
agreement to reopen the waterway, as Tehran is making the move
contingent on securing an accord with the U.S.
