Azeri Light Crude Holds Above $90 Amid Strait of Hormuz Tensions

The price of Azerbaijan's Azeri Light crude oil has held above $90 per barrel as oil traders closely watch developments in the Strait of Hormuz. The commodity's value on a CIF basis at Italy's Augusta port decreased by $1.53, or 1.6%, compared to the previous trading session.

Despite this decline, Azeri Light crude remains a significant player in the global oil market. Oil traders are keeping a close eye on events unfolding in the Strait of Hormuz, which has been a key transit point for international oil shipments.