BAKU, Azerbaijan, July 15. The price of Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's Augusta port increased by $5.22, or 6.4%, from the previous session to $86.51 per barrel.
The information was provided by oil market participants.
"The price of Azerbaijan's Azeri Light crude on an FOB basis at the Turkish port of Ceyhan rose by $4.79, or 6.1%, to $83.15 per barrel. The price of URALS crude increased by $4.74, or 10.1%, from the previous session to $51.67 per barrel. The price of North Sea Dated Brent crude rose by $5.24, or 6.8%, from the previous session to $82.56 per barrel," the information said.
Azerbaijan's 2026 state budget is based on an average oil price of $65 per barrel.
"Brent climbed above $85 per barrel on Wednesday, advancing for a third consecutive session after the US launched another wave of strikes against Iran while reinstating its naval blockade of Iranian ports near the Strait of Hormuz. US forces targeted dozens of military assets along Iran’s coastline and near the strategic waterway during a seven-hour operation aimed at weakening Tehran’s ability to disrupt shipping through Hormuz," the official release of Trading Economics says.
Trading Economics notes that President Donald Trump abandoned plans to impose a 20% fee on cargo transiting the strait, saying any lost revenue would be more than offset by future investments from Gulf nations into the US.
"Oil prices have surged this week as renewed hostilities between Washington and Tehran intensified supply concerns, adding fresh uncertainty after Persian Gulf producers ramped up exports following the signing of the interim peace agreement," the release reads.
