BAKU, Azerbaijan, August 29. The price of
Azerbaijan’s Azeri Light crude rose by $0.58, or 0.6%, from the
previous level to $92.89 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
$0.72, or 0.8%, to $89.72 per barrel on an FOB basis.
The price of Urals crude rose by $0.96, or 1.5%, to $65.93 per
barrel.
Meanwhile, the price of Dated Brent crude produced in the North
Sea increased by $0.42, or 0.5%, to $89.64 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, Brent crude
fell to $89.3 per barrel on Friday, with its weekly decline
exceeding 5 percent.
Pressure on oil prices intensified as traders began viewing the
situation surrounding Iran more as an economic and sanctions
confrontation than as an immediate threat to physical oil supplies.
“Improved flows through the Strait of Hormuz and a proposal to
establish a corridor between Iran and Oman have also eased concerns
over supply disruptions,” Trading Economics reported.
“According to Goldman Sachs estimates, oil exports from the
Persian Gulf countries have risen to approximately 15–16 million
barrels per day. This is significantly below the pre-conflict level
of 22–24 million barrels per day, but substantially above the March
low of approximately 5–6 million barrels per day.
Meanwhile, Iran and Oman agreed on a mechanism for sharing
revenues from the use of the strait. Tehran stressed, however, that
the agreement does not mean the strait will be immediately
reopened.
At the same time, US President Donald Trump’s administration
reportedly told mediators that it does not intend to return to the
terms of a preliminary agreement with Iran reached in June and
subsequently derailed,” Trading Economics reported.
