The CIF price of Azerbaijan's Azeri Light crude at Italy's Augusta port decreased by $0.42, or 0.46%, from the previous level to $91.51 per barrel, a source in the oil market told Trend. FOB price of Azeri Light crude at Ceyhan port in Türkiye went down by $0.39, or 0.44%, to $88.11 per barrel. The price of Urals crude dropped by $0.57, or 0.88%, from the previous level to $64.32 per barrel.
Meanwhile, the price of North Sea “Dated Brent” crude fell by $0.47, or 0.53%, to $88.53 per barrel. Azerbaijan's 2026 state budget is based on an average oil price assumption of $65 per barrel. According to Trading Economics, the price of crude oil fell below $82 per barrel on Thursday, marking its fourth consecutive session of decline amid signs of diplomatic progress in the Middle East.
Reportedly, Iran and Oman have reached an agreement regarding the waters of the Strait of Hormuz and each country’s share of the associated revenues. President Donald Trump stated on Tuesday that 10 million barrels of oil had passed through the Strait of Hormuz and reiterated his previous statements that mines in the waterway had been cleared. This week, oil prices were also pressured by new U.S. economic sanctions against Iran, which turned out to be milder than markets had expected.
The White House is so far refraining from imposing tougher measures against Iran’s trading partners. On the other hand, there have been reports that Russian President Vladimir Putin plans to further escalate the conflict in Ukraine. This keeps risks related to global energy supplies in the spotlight,” the statement said.
Source: https://www.trend.az/business/energy/4218255.html © 2026 Trend News Agency.
Extract — continue reading at the source.
