BAKU, Azerbaijan, August 18. The CIF price of
Azerbaijan's Azeri Light crude at Italy's Augusta port decreased by
$1.24, or 1.34%, from the previous level to $91.31 per barrel, a
source in the oil market told Trend.
FOB price of Azeri Light crude at Ceyhan port in Türkiye went
down by $1.16, or 1.3%, to $88.2 per barrel.
The price of Urals crude dropped by $0.4, or 0.63%, from the
previous level to $63.08 per barrel.
Meanwhile, the price of North Sea “Dated Brent” crude fell by
$1.9, or 2.06%, to $90.16 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price
assumption of $65 per barrel.
Azerbaijan’s state budget for 2026 is based on an average oil
price of $65 per barrel.
According to Trading Economics, the price of crude oil exceeded
$85 per barrel on Tuesday. It was reported that this is the third
consecutive session of growth in oil prices.
"The growth was caused by the weakening prospects for a new
agreement between the U.S. and Iran. U.S. President Donald Trump
has said that he isn't interested in extending the interim peace
agreement.
A memorandum of understanding signed in June and giving the
parties 60 days to negotiate a long-term peace agreement officially
expired on Monday.
Meanwhile, Iran and Oman are continuing negotiations on an
agreement to manage shipping through the Strait of Hormuz. The U.S.
isn't participating in these talks and Washington may not support
any agreement that does not ensure the free passage of ships
through this strategically important sea route.
At the same time, oil producers in the Middle East are
reportedly increasingly able to secretly deliver oil through the
Strait of Hormuz to global buyers and to supply oil from areas
outside the key crossing point," the report said.
