The price of Azerbaijan’s Azeri Light crude rose by $0.58, or 0.6%, from the previous level to $92.89 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 $0.72, or 0.8%, to $89.72 per barrel on an FOB basis. The price of Urals crude rose by $0.96, or 1.5%, to $65.93 per barrel.
Meanwhile, the price of Dated Brent crude produced in the North Sea increased by $0.42, or 0.5%, to $89.64 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, Brent crude fell to $89.3 per barrel on Friday, with its weekly decline exceeding 5 percent.
Pressure on oil prices intensified as traders began viewing the situation surrounding Iran more as an economic and sanctions confrontation than as an immediate threat to physical oil supplies. This is significantly below the pre-conflict level of 22–24 million barrels per day, but substantially above the March low of approximately 5–6 million barrels per day. Meanwhile, Iran and Oman agreed on a mechanism for sharing revenues from the use of the strait.
Tehran stressed, however, that the agreement does not mean the strait will be immediately reopened. At the same time, US President Donald Trump’s administration reportedly told mediators that it does not intend to return to the terms of a preliminary agreement with Iran reached in June and subsequently derailed,” Trading Economics reported. Source: https://www.trend.az/business/energy/4218785.html © 2026 Trend News Agency.
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