BAKU, Azerbaijan, August 20. The price of Azerbaijan’s Azeri Light crude rose by $0.9, or 0.95%, from the previous level to $95.48 per barrel on a CIF basis at Italy’s Augusta port, a source from the oil market told TurkicWorld.
At Türkiye’s Ceyhan port, the price of Azeri Light increased by $0.9, or 1%, to $91.79 per barrel on an FOB basis.
The price of Urals crude rose by $1.47, or 2.21%, to $67.94 per barrel.
Meanwhile, the price of Dated Brent crude produced in the North Sea increased by $0.68, or 0.73%, to $93.40 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, the price of Brent crude oil remained stable on Thursday at around $92 per barrel. It is noted that since the beginning of this week, oil prices have risen by more than 3% amid growing uncertainty in the Middle East linked to the ongoing impasse in relations between the U.S. and Iran.
The parties also remain at odds over the Strait of Hormuz. U.S. President Donald Trump stated that oil continues to flow through this waterway and noted that he is open to resuming negotiations with Tehran "at some point."
Meanwhile, the UAE accused Tehran of launching ballistic missile strikes against its territory and announced the suspension of financial and economic transactions with Iran. This move has further intensified economic pressure on Iran.
Despite the increased risks, Gulf countries continue to export significant volumes of crude oil, using alternative routes and limited transportation capacity.
According to data from the U.S. Energy Information Administration (EIA), crude oil inventories in the country rose by 4.4 million barrels last week. In comparison, distillate inventories fell by 1.5 million barrels, reaching their lowest level in more than a month.
