BAKU, Azerbaijan, September 3. The price of Azerbaijan’s Azeri Light crude rose by $4.35, or 4.46%, from the previous level to $101.96 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 $4.47, or 4.72%, to $99.21 per barrel on an FOB basis.
The price of Urals crude grew by $4.5, or 6.34%, to $75.48 per barrel.
Meanwhile, the price of Dated Brent crude produced in the North Sea scaled up by $4.53, or 4.82%, to $98.49 per barrel.
Azerbaijan’s 2026 state budget is based on an average oil price of $65 per barrel.
According to Trading Economics, oil prices fell below $91 per barrel on Thursday after three consecutive sessions of gains. Investors are assessing the resumption of military operations in the Middle East and efforts to reopen the Strait of Hormuz, the report states.
"U.S. President Donald Trump stated that the latest attacks on Iran would be short-lived. At the same time, he emphasized that the U.S. is prepared for further strikes and reaffirmed his previous statements that Washington controls the Strait of Hormuz.
This week, the U.S. launched new strikes against Iranian targets in the vicinity of this strategically important waterway. The attacks came after about a month of relative calm, and Tehran responded by launching drones and missiles at U.S. bases in the Middle East.
Despite the resumption of military operations, oil tankers continued to pass through the Strait of Hormuz. It is reported that an average of 8 million barrels of oil are transported through the strait daily.
"According to official U.S. data, crude oil inventories fell by 4.5 million barrels last week. This is the first decline in inventories since late July," the report states.
