Azerbaijani Oil Elevates In Price
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.
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