BAKU, Azerbaijan, August 15. The CIF price of Azerbaijan's Azeri Light crude at Italy's Augusta port decreased by $1.42, or 1.51%, from the previous level to $93.97 per barrel, a source in the oil market told Trend.
FOB price of Azeri Light crude at Ceyhan port in Türkiye went down by $1.64, or 1.8%, to $89.36 per barrel.
The price of Urals crude dropped by $0.55, or 0.86%, from the previous level to $63.48 per barrel.
Meanwhile, the price of North Sea “Dated Brent” crude fell by $0.67, or 0.72%, to $92.06 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price assumption of $65 per barrel.
Azerbaijan’s state budget for 2026 is based on an average oil price of $65 per barrel.
According to Trading Economics, oil prices rose above $82 per barrel on Friday, bringing the weekly increase to more than 5 percent. The rise was attributed to increased economic pressure by the United States on Iran aimed at forcing the reopening of the Strait of Hormuz.
“U.S. Treasury Secretary Scott Bessent said Washington would impose unprecedented economic measures against Iran and continue its naval blockade of Iranian ports. Additional measures are expected to be announced next week.
The International Energy Agency (IEA) has also warned that the global oil market deficit could deepen further. The agency forecasts the largest global oil supply shortfall in five years in 2026.
Meanwhile, Iran and Oman have not yet reached an agreement on reopening the Strait of Hormuz, despite earlier reports that a deal was close.
U.S. officials said American forces are increasing their ability to escort vessels passing through the strait. However, shipping risks remain high, with some tankers switching off their transponders.
In the Red Sea, Iran-backed Houthi forces have also attacked Saudi Arabia’s Jizan oil refinery.
At the same time, additional volumes of crude oil from the Middle East are expected to reach the United States, which could help partially replenish low domestic oil inventories,” the report said.
