BAKU, Azerbaijan, August 19. The price of Azerbaijan’s Azeri Light crude rose by $3.27, or 3.58%, from the previous level to $94.58 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 $2.69, or 3.05%, to $90.89 per barrel on an FOB basis.
The price of Urals crude rose by $3.39, or 5.37%, to $66.47 per barrel.
Meanwhile, the price of Dated Brent crude produced in the North Sea increased by $2.56, or 2.84%, to $92.72 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, crude oil prices rose for a fourth consecutive session on Wednesday, approaching $86 per barrel. The report said concerns over supply remained elevated amid a lack of significant progress toward an agreement between the United States and Iran to end the conflict and reopen the Strait of Hormuz.
US President Donald Trump said there are currently no negotiations with Tehran and confirmed that the US Navy blockade remains in place. Despite Trump’s statement that the waterway is open and has been cleared of mines, shipping risks in the Strait of Hormuz remain, while the number of vessels transiting the strategic route is limited.
Iranian forces have intensified military operations over the past week. Eight attacks on vessels transiting the Strait of Hormuz have been recorded so far this month, including vessels linked to the UAE and Saudi Arabia.
“In the US, meanwhile, industry data showed that crude oil inventories fell by 328,000 barrels last week, following a 9.07-million-barrel increase in the previous week,” the report said.
