BAKU, Azerbaijan, August 13. The CIF price of Azerbaijan's Azeri Light crude at Italy's Augusta port decreased by $0.07, or 0.07%, from the previous level to $95.50 per barrel, a source in the oil market told TurkicWorld.
FOB price of Azeri Light crude at Ceyhan port in Türkiye went down by $0.06, or 0.06%, to $92.69 per barrel.
The price of Urals crude dropped by $0.21, or 0.32%, from the previous level to $65.04 per barrel.
Meanwhile, Dated Brent crude produced in the North Sea fell by $0.23, or 0.25%, to $93.56 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price assumption of $65 per barrel.
According to Trading Economics, the price of crude oil fell on Thursday, approaching the $82-per-barrel mark, ending a five-week winning streak. It is noted that investors are assessing the prospects for reaching an agreement on reopening the Strait of Hormuz.
"U.S. President Donald Trump stated that Washington has ‘complete control’ over the waterway, while rhetoric between the U.S. and Iran is becoming increasingly harsh. Negotiations between the parties have reached an impasse.
At the same time, the U.S. administration is preparing to intensify economic pressure on Iran. The U.S. military campaign has so far failed to force the Iranian regime to back down. Among the measures under consideration are the expansion of economic sanctions and the imposition of a naval blockade aimed at restricting Iranian oil exports.
Meanwhile, the International Energy Agency’s (IEA) monthly report states that, against the backdrop of the ongoing conflict in the Middle East, the global oil market could face a shortage of 1.8 million barrels per day this quarter.
On the other hand, US Energy Information Administration (EIA) data shows that US crude oil inventories rose by 17.4 million barrels last week. "This is the largest weekly increase since the beginning of 2023," the report states.
