BAKU, Azerbaijan, August 28. The price of Azerbaijan’s Azeri Light crude rose by $0.8, or 0.9%, from the previous level to $92.32 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 $0.89, or 1%, to $89 per barrel on an FOB basis.
The price of Urals crude rose by $0.65, or 1%, to $64,97 per barrel.
Meanwhile, the price of Dated Brent crude produced in the North Sea increased by $0.69, or 0.8%, to $89.22 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, Brent crude fell on Friday to around $88 per barrel, paring gains from the previous session, as traders continued to monitor developments in the Middle East and efforts to resume shipping through the Strait of Hormuz.
"According to Goldman Sachs, oil exports from the Persian Gulf countries have recovered to about two-thirds of pre-war levels amid increased flows through the Strait of Hormuz. Total crude oil exports from the region are reported to have risen to 15–16 million barrels per day, which is still about 7–8 million barrels per day below pre-conflict levels but significantly higher than the low of 5–6 million barrels per day recorded in March.
Meanwhile, Iran and Oman have reached an agreement on the distribution of revenues related to the strategic waterway. However, Tehran emphasized that the agreement does not guarantee the immediate reopening of the Strait of Hormuz.
In addition, the Trump administration informed mediators that it is not interested in returning to the terms of the preliminary deal with Iran reached in June, which subsequently fell through," according to Trading Economics.
