BAKU, Azerbaijan,
August 21. The price of Azerbaijan’s Azeri Light
crude rose by $1.2, or 1.26%, from the previous level to $96.68 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
$1.25, or 1.36%, to $93.04 per barrel on an FOB basis.
The price of Urals crude rose by $1.69, or 2.29%, to $69.63 per
barrel.
Meanwhile, the price of Dated Brent crude produced in the North
Sea increased by $0.63, or 0.67%, to $94.03 per barrel.
Azerbaijan’s 2026 state budget is based on an average oil price
of $65 per barrel.
According to Trading Economics, the price of crude oil exceeded
$86 per barrel on Friday and is expected to post its second
consecutive weekly gain by the end of the week. It is noted that
oil prices have risen by approximately 6% this week.
“The price increase is occurring against the backdrop of ongoing
tensions in the conflict between the U.S. and Iran. The two sides
continue to be at odds over the Strait of Hormuz.
As part of an initiative that U.S. President Donald Trump has
called ‘economic D-Day,’ Washington intends to further isolate the
Iranian economy. Details of the initiative will be announced on
Monday.
The proposed measures are expected to aim at isolating Iran from
international financial and commercial channels, including banks,
companies, shipping registries, cash transfers, and smuggling
networks.
By increasing economic pressure, Washington seeks to encourage
Tehran to negotiate on issues related to the conflict, the nuclear
program, and control over the Strait of Hormuz.
At the same time, a series of Ukrainian strikes on Russian
energy infrastructure has led to fuel shortages in some regions.
This is also putting additional pressure on global oil markets,”
the statement reads.
