BAKU, Azerbaijan, August 27. The CIF price of Azerbaijan's Azeri Light crude at Italy's Augusta port decreased by $0.78, or 0.74%, from the previous level to $104.20 per barrel, a source in the oil market told Trend.
FOB price of Azeri Light crude at Ceyhan port in Türkiye went down by $1.14, or 1.11%, to $101.05 per barrel.
The price of Urals crude dropped by $0.55, or 0.7%, from the previous level to $78.26 per barrel.
Meanwhile, the price of North Sea “Dated Brent” crude fell by $0.85, or 0.83%, to $100.84 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price assumption of $65 per barrel.
According to Trading Economics, the price of crude oil stood at around $91.2 per barrel on Friday, having risen by more than 9% over the week and posting its strongest weekly gain since mid-July. This is reportedly due to the ongoing war in the Middle East and the dim prospects for peace.
“This week, Iran and the U.S. exchanged missile strikes. Israel’s defense minister, in turn, warned of ‘paralyzing’ strikes against Iran’s infrastructure, including energy facilities.”
U.S. Vice President J.D. Vance stated that the U.S. has no plans to engage in peace talks with Tehran until Iran ceases its attacks on ships in the Strait of Hormuz. Iran’s demonstration of resolve to respond harshly to the latest U.S. strikes also put additional upward pressure on oil prices.
The European Union has officially joined the U.S.-led sanctions campaign against Iran. South Korea has stated that it is considering taking on a military role.
The rise in prices may slow if oil supplies through the Strait of Hormuz increase. According to data on oil exports from Iraq, the country’s average daily export volume in August was 2.35 million barrels, with the majority of exports shipped via southern routes,” the report states.
