BAKU, Azerbaijan, September 11. The CIF price
of Azerbaijan's Azeri Light crude at Italy's Augusta port increased
by $6.22, or 5.49%, from the previous level to $119.54 per barrel,
a source in the oil market told Trend.
FOB price of Azeri Light crude at Ceyhan port in Türkiye went up
by $5.68, or 5.17%, to $115.55 per barrel.
The price of Urals crude grew by $5.67, or 6.62%, from the
previous level to $91.27 per barrel.
Meanwhile, the price of North Sea “Dated Brent” crude rose by
$6.05, or 5.29%, to $120.31 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
approached $103 per barrel on Friday and is on track to rise by
more than 12% over the week. It was reported that this could mark
the largest weekly gain since mid-July. This has been driven by
concerns that the escalating conflict between the U.S. and Iran
could lead to long-term disruptions in global energy supplies.
According to reports, senior U.S. officials have warned
President Donald Trump that the conflict could persist until the
end of his presidential term in January 2029.
At the same time, Iranian leaders are reportedly determined to
continue the fight despite mounting economic costs. Tehran views
the conflict as an existential threat. Iranian officials also state
that Tehran has managed to replenish its missile capabilities and
could further intensify attacks on U.S. and Gulf state targets
should Washington expand its strikes.
Hostilities have intensified over the past two weeks; while the
U.S. has targeted Iranian oil tankers, Iran has launched missile
strikes against US.. warships and tankers in the Persian Gulf, as
well as against American facilities in neighboring countries.
