BAKU, Azerbaijan, August 18. The CIF price of Azerbaijan's Azeri Light crude at Italy's Augusta port decreased by $1.24, or 1.34%, from the previous level to $91.31 per barrel, a source in the oil market told Trend.
FOB price of Azeri Light crude at Ceyhan port in Türkiye went down by $1.16, or 1.3%, to $88.2 per barrel.
The price of Urals crude dropped by $0.4, or 0.63%, from the previous level to $63.08 per barrel.
Meanwhile, the price of North Sea “Dated Brent” crude fell by $1.9, or 2.06%, to $90.16 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, the price of crude oil exceeded $85 per barrel on Tuesday. It was reported that this is the third consecutive session of growth in oil prices.
"The growth was caused by the weakening prospects for a new agreement between the U.S. and Iran. U.S. President Donald Trump has said that he isn't interested in extending the interim peace agreement.
A memorandum of understanding signed in June and giving the parties 60 days to negotiate a long-term peace agreement officially expired on Monday.
Meanwhile, Iran and Oman are continuing negotiations on an agreement to manage shipping through the Strait of Hormuz. The U.S. isn't participating in these talks and Washington may not support any agreement that does not ensure the free passage of ships through this strategically important sea route.
At the same time, oil producers in the Middle East are reportedly increasingly able to secretly deliver oil through the Strait of Hormuz to global buyers and to supply oil from areas outside the key crossing point," the report said.
