BAKU, Azerbaijan, September 4. The price of Azerbaijan’s Azeri Light crude rose by $3.02, or 2.96%, from the previous level to $104.98 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 $2.98, or 3%, to $102.19 per barrel on an FOB basis.
The price of Urals crude grew by $3.33, or 4.41%, to $78.81 per barrel.
Meanwhile, the price of Dated Brent crude produced in the North Sea scaled up by $3.2, or 3.25%, to $101.69 per barrel.
Azerbaijan’s 2026 state budget is based on an average oil price of $65 per barrel.
According to Trading Economics, crude oil prices neared $92 a barrel on Friday and are set to end the week up about 10%, weighed down by renewed military activity in the Middle East and growing uncertainty over shipping through the Strait of Hormuz.
"The U.S. launched fresh strikes against Iran this week after nearly a month of relative calm. Tehran responded by targeting U.S. bases in the region and ships passing through the Strait of Hormuz.
Six cargo ships passed through the strait on Wednesday. This is down from the 11 vessels recorded on Tuesday and below the average of about 13 vessels over the past 10 days.
Damage to refineries in the Middle East and Russia, as well as limited capacity in other regions to compensate for supply disruptions, could keep global fuel prices high into next year.
Diesel prices in the U.S. hit their highest level since mid-2022 this week, while European fuel stocks remain well below seasonal norms," the report said.
