BAKU, Azerbaijan, August 26. The price of Azerbaijan's Azeri Light crude on a CIF basis at the Italian port of Augusta eased by $3.20, or 3.4%, from the previous level to $91.93 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 decreased by $3.12, or 3.4%, to $88.50 per barrel. The price of URALS crude fell by $3.52, or 5.1%, from the previous level to $64.89 per barrel. The price of North Sea Dated Brent crude decreased by $3.60, or 3.9%, to $89.00 per barrel,” the information said.
Azerbaijan's 2026 state budget is based on an average oil price of $65 per barrel.
Crude oil fell to around $80 per barrel on Wednesday, extending losses for a third consecutive day, after reports that Iran and Oman had held talks on establishing a “temporary joint maritime corridor” across the Strait of Hormuz.
Technical discussions between the two sides are expected to continue toward establishing a permanent maritime corridor, covering the future management of the strait, information-sharing mechanisms, traffic management, and the provision of maritime and security services.
Meanwhile, Pakistan’s military chief visited Tehran in support of diplomatic efforts, while Qatar said it was continuing its mediation.
Crude oil prices have remained under pressure this week after Washington’s latest measures to increase economic pressure on Iran proved less aggressive than markets had expected. The United States has refrained from imposing secondary sanctions on Iran’s trading partners.
