Azerbaijani Oil Elevates In Price

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 8. The CIF price of Azerbaijan's Azeri Light crude at Italy's Augusta port increased by $3.11, or 2.98%, from the previous level to $107.31 per barrel, a source in the oil market told Trend.

FOB price of Azeri Light crude at Ceyhan port in Türkiye went up by $3.18, or 3.15%, to $104.23 per barrel.

The price of Urals crude grew by $3.34, or 4.27%, from the previous level to $81.6 per barrel.

Meanwhile, the price of North Sea“Dated Brent” crude rose by $5.67, or 5.62%, to $106.51 per barrel.

Azerbaijan's 2026 state budget is based on an average oil price assumption of $65 per barrel.

Crude oil prices remained above $92 a barrel on Tuesday, hovering around a three-month high, as Iran said it was nearing the end of a deal with Oman to control shipping through the Strait of Hormuz, fueling concerns that Tehran was gaining control of the strategic waterway, according to Trading Economics.

"Market participants are also closely watching Washington's next move after the U.S. attacked Iranian tankers in the Strait of Hormuz over the weekend.

Oil prices rose by about 10% last week as renewed fighting between the U.S. and Iran raised concerns about potential disruptions to energy supplies from the Middle East. Both sides intensified their attacks over the weekend, targeting ships and naval assets around the Strait of Hormuz.

Saudi Aramco's facilities in the Red Sea city of Jizan were also attacked again on Monday. However, the damage to the facilities was limited.

Despite the increased risks, oil supplies from the Persian Gulf continue. About 7 million barrels of crude oil and petroleum products are transported through the Strait of Hormuz every day," the report said.

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