Global oil prices rise amid escalating situation in the Persian Gulf
Against the backdrop of geopolitical tensions in the Strait of Hormuz, prices for major oil grades have shown significant growth, reaching three-month highs.
Abdulrahman Sadikhli2 min read
As of September 8, the price of Azerbaijani Azeri Light oil (CIF) at the Italian port of Augusta increased by $3.11 (2.98%), reaching $107.31 per barrel. The price for the same grade at the Turkish port of Ceyhan (FOB) rose by $3.18 (3.15%), reaching $104.23 per barrel.
The rise in quotations also affected other grades: Urals oil became $3.34 (4.27%) more expensive, reaching $81.6 per barrel, while the North Sea Dated Brent blend added $5.67 (5.62%), reaching $106.51 per barrel. It is worth noting that Azerbaijan's state budget for 2026 is based on a projected oil price of $65 per barrel.
Global oil prices are holding above $92 per barrel, remaining at a three-month high. The main factor putting pressure on the market is the situation around the Strait of Hormuz. Iran announced the completion of a deal with Oman to control shipping in this strategically important corridor, through which about 7 million barrels of oil and petroleum products are transported daily.
Tensions intensified after the US carried out strikes on Iranian tankers in the Strait of Hormuz over the weekend. The parties to the conflict have intensified attacks on maritime and naval assets in the region. Furthermore, an attack was carried out on Monday against Saudi Aramco facilities in the city of Jizan on the Red Sea coast, though, according to available data, the damage caused was limited.
Despite the increased risks and the escalation of the conflict, which led to a 10% price increase last week, oil supplies from Persian Gulf countries are currently continuing as normal.
Source: trend.az
