BAKU, Azerbaijan, August 11. The price of Azerbaijan's Azeri Light crude grew by $1.23, or 1.3%, to $95.16 per barrel on a CIF basis at Italy's Augusta port, a source in the oil market told TurkicWorld.
The source said the price of Azeri Light on an FOB basis at Türkiye's Ceyhan port rose by $1.37, or 1.5%, to $92.32 per barrel.
The price of Urals crude increased by $2.2, or 3.6%, to $63.53 per barrel, while Dated Brent crude from the North Sea went up by $2.73, or 3.1%, to $91.92 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price of $65 per barrel.
According to the latest data from Trading Economics, crude oil held above $82 per barrel on Tuesday after rising for three consecutive sessions, supported by heightened uncertainty over a potential deal between the U.S. and Iran to end the war and reopen the Strait of Hormuz. President Donald Trump issued sweeping new demands on Iran, including compensation for people the Islamic Republic has killed in conflicts, after Tehran reiterated calls for reparations as part of negotiations to wind down the conflict. The demands have clouded prospects for a near-term agreement, keeping markets wary of prolonged supply disruptions. Trump also indicated that he was prepared to allow economic pressure on Iran to intensify rather than launch new military strikes to force the reopening of Hormuz. Meanwhile, Iran and Oman have yet to reach an agreement to reopen the waterway, as Tehran is making the move contingent on securing an accord with the U.S.
