BAKU, Azerbaijan, August 27. The CIF price of
Azerbaijan's Azeri Light crude at Italy's Augusta port decreased by
$0.42, or 0.46%, from the previous level to $91.51 per barrel, a
source in the oil market told Trend.
FOB price of Azeri Light crude at Ceyhan port in Türkiye went
down by $0.39, or 0.44%, to $88.11 per barrel.
The price of Urals crude dropped by $0.57, or 0.88%, from the
previous level to $64.32 per barrel.
Meanwhile, the price of North Sea “Dated Brent” crude fell by
$0.47, or 0.53%, to $88.53 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price
assumption of $65 per barrel.
According to Trading Economics, the price of crude oil fell
below $82 per barrel on Thursday, marking its fourth consecutive
session of decline amid signs of diplomatic progress in the Middle
East.
Reportedly, Iran and Oman have reached an agreement regarding
the waters of the Strait of Hormuz and each country’s share of the
associated revenues.
“However, Tehran stated that resuming shipping through this
vital waterway would require more than just the agreement reached
with Oman.
U.S. President Donald Trump stated on Tuesday that 10 million
barrels of oil had passed through the Strait of Hormuz and
reiterated his previous statements that mines in the waterway had
been cleared.
This week, oil prices were also pressured by new U.S. economic
sanctions against Iran, which turned out to be milder than markets
had expected. The White House is so far refraining from imposing
tougher measures against Iran’s trading partners.
On the other hand, there have been reports that Russian
President Vladimir Putin plans to further escalate the conflict in
Ukraine. This keeps risks related to global energy supplies in the
spotlight,” the statement said.
