BAKU, Azerbaijan, August 25. The price of Azerbaijan's Azeri Light crude on a CIF basis at the Italian port of Augusta fell by $1.99, or 2.1%, from the previous level to $95.13 per barrel.
The information was provided by oil market participants.
"The price of Azerbaijan's Azeri Light crude on an FOB basis at the Turkish port of Ceyhan fell by $2.08, or 2.2%, to $91.62 per barrel. The price of URALS crude declined by $1.88, or 2.7%, from the previous level to $68.41 per barrel. The price of North Sea Dated Brent fell by $1.83, or 1.9%, to $92.60 per barrel," the information said.
Azerbaijan's 2026 state budget is based on an average oil price of $65 per barrel.
Brent crude steadied above $92 per barrel on Tuesday after declining in the previous session, as the United States intensified economic pressure on Iran and its trading partners, with China reportedly not exempt from the measures.
U.S. Treasury Secretary Scott Bessent said Washington plans to isolate Iran through sanctions targeting entities and individuals doing business with the country. He said the objective was to cut off Tehran's economic lifelines, although the scope of further measures remains uncertain.
Brent crude fell more than 2% to below $93 per barrel on Monday, ending a two-week rally as traders awaited details of the U.S. plan to intensify pressure on Iran.
Targeting China, the largest buyer of Iranian crude, could increase pressure on Tehran but also pose risks to the broader global economy. Iran has previously demonstrated its ability to circumvent sanctions and has warned countries against supporting Washington's efforts.
Meanwhile, oil continues to move through the Strait of Hormuz, with shipments remaining relatively strong despite ongoing geopolitical risks. Reports indicated that around 16 million barrels crossed the waterway in a single night last week, although flows can vary significantly.
