BAKU, Azerbaijan, July 10. The price of Azerbaijan’s Azeri Light crude at Italy’s Augusta port, on a CIF (Cost, Insurance, and Freight) basis, decreased by $2.98, or 3.6%, on July 9 from the previous level, coming in at $79.09 per barrel.
This is reflected in the information from the oil market participants.
''At Türkiye’s Ceyhan port, the FOB (Free on Board) price of Azeri Light crude went down by $3.1, or 3.9%, to $76.31 per barrel. The price of URALS crude dropped by $3.5, or 7.1%, to $45.93 per barrel, while Brent Dated crude from the North Sea fell by $2.97, or 3.8%, to $75.39 per barrel,'' the information said.
Azerbaijan’s 2026 state budget is based on an average oil price of $65 per barrel.
According to estimates by Trading Economics analysts, Brent
crude held steady around $76 per barrel on Friday after falling by
about 2% in the previous session: ''This was triggered by reports
that the U.S. and Iran would continue peace talks despite the
recent escalation of hostilities, which disrupted energy supplies
through the Strait of Hormuz.''
''Nevertheless, benchmark Brent crude was still up by about 6%
since the start of the week. This came after U.S. forces struck
targets in Iran for two consecutive days in response to recent
attacks on ships in the Strait of Hormuz, prompting Tehran to
launch retaliatory strikes against U.S. military bases in the
region.
U.S. President Donald Trump also cast doubt on the validity of the
temporary peace agreement following the resumption of hostilities,
stating that the agreement ‘is no longer in effect,'' Trading
Economics reports.
In addition, it is noted that shipping traffic through the Strait
of Hormuz has decreased significantly this week, and markets are
closely monitoring whether transit will return to normal levels:
''The strategically important Strait of Hormuz remains one of the
key points of contention in the ongoing negotiations between the
U.S. and Iran.''
