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.
