BAKU, Azerbaijan, August 22. The price of
Azerbaijan’s Azeri Light crude rose by $0.44, or 0.45%, from the
previous level to $97.12 per barrel on a CIF basis at Italy’s
Augusta port, a source from the oil market told Trend.
At Türkiye’s Ceyhan port, the price of Azeri Light increased by
$0.66, or 0.71%, to $93.70 per barrel on an FOB basis.
The price of Urals crude rose by $0.66, or 0.95%, to $70.29 per
barrel.
Meanwhile, the price of Dated Brent crude produced in the North
Sea increased by $0.4, or 0.42%, to $94.43 per barrel.
Azerbaijan’s 2026 state budget is based on an average oil price
of $65 per barrel.
According to Trading Economics, crude oil prices remained stable
at around $94 per barrel on Friday as investors assessed signals
that Iran may be willing to end its conflict with the United
States.
"Iranian President Masoud Pezeshkian said Tehran would prefer to
end the war while it is in a strong position. He noted that the
existing memorandum with Washington represents a victory for Iran.
These statements provided some relief after US Treasury Secretary
Scott Bessent said Washington would impose the toughest sanctions
yet on Iran and increase economic pressure on the Iranian regime.
Against the backdrop of conflicting signals, oil prices have risen
by more than 5% for the second consecutive week.
Meanwhile, the US military said it has assisted tankers in
transporting more than 660 million barrels of crude oil through the
Strait of Hormuz since early May. This indicates that significant
volumes of oil continue to move through the strategically important
energy corridor despite the conflict and rising geopolitical
risks," the report said.
