BAKU, Azerbaijan, August 12. The price of
Azerbaijan’s Azeri Light crude on a CIF basis at the Italian port
of Augusta rose by $0.41, or 0.4%, from the previous figure to
$95.57 per barrel.
The information was reported by oil market participants.
The price of a barrel of Azeri Light on an FOB basis at the
Turkish port of Ceyhan rose by $0.43, or 0.5%, to $92.75.
The price of URALS crude rose by $1.30, or 2.1%, from the
previous figure to $64.83 per barrel.
The price of Dated Brent crude produced in the North Sea rose by
$1.41, or 1.5%, from the previous figure to $93.33 per barrel.
Azerbaijan’s state budget for 2026 is based on an average oil
price of $65 per barrel.
According to the latest data from Trading Economics, Brent crude
rose above $89 per barrel on Wednesday, extending its gains for a
sixth consecutive day as investors weighed conflicting signals over
a possible deal between the United States and Iran.
“Pakistan’s defense minister said Washington and Tehran are
‘close to reaching an agreement’ on the issue of the Strait of
Hormuz. At the same time, reports indicate that talks between Iran
and Oman have reached an advanced stage.
“However, the positive signals were preceded by a tougher stance
from U.S. President Donald Trump, who said Tehran must pay
compensation for those killed in attacks linked to the Islamic
Republic.
“His statement came after Iran issued a series of demands over
the weekend, including compensation for the U.S. and Israeli
military operation in the country,” Trading Economics reported.
According to industry data, U.S. crude oil inventories rose by
9.1 million barrels last week, marking the largest increase since
February.
