BAKU, Azerbaijan, September 2. The price of
Azerbaijan’s Azeri Light crude rose by $4.72, or 5.08%, from the
previous level to $97.61 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
$5.02, or 5.59%, to $94.74 per barrel on an FOB basis.
The price of Urals crude grew by $5.05, or 7.66%, to $70.98 per
barrel.
Meanwhile, the price of Dated Brent crude produced in the North
Sea scaled up by $4.32, or 4.82%, to $93.96 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 edged closer to
$91 a barrel on Wednesday, trading at their highest level in nearly
six weeks, after rising for a third straight session. The rise was
driven by rising tensions between the U.S. and Iran and concerns
that energy flows from the Middle East could be further
disrupted.
"The U.S. military has launched new strikes on Iranian positions
around the Strait of Hormuz. President Donald Trump said the
strikes were in response to Iran's attempts to mine the waterway
and an earlier attack on a U.S. military base. Trump also warned of
a more extensive response if Iran retaliates.
Iran has already announced that it is targeting U.S. bases in
the region and has fired missiles towards Jordan.
Meanwhile, U.S. Treasury Secretary Scott Bessent said that
Iran's bankruptcy is "accelerating." He also noted that 17 million
barrels of crude oil passed through the Strait of Hormuz on Monday,
indicating that Iran does not have full control over the strategic
waterway," the report said.
