Weekly review of Azeri Light, Dated Brent, and Urals oil prices

BAKU, Azerbaijan, July 11. The average prices of Azeri Light CIF, Azeri Light FOB Ceyhan, Dated Brent, and Urals crude oil increased this week.

According to Trend's calculations based on data from oil market participants, the price of Azeri Light CIF crude, produced at the Azeri-Chirag-Gunashli field in Azerbaijan, grew by $4.06, or 5.5%, compared to the previous week, to $77.69 per barrel.

Data shows that the maximum price for this grade of crude oil during the week was $82.07 per barrel, and the minimum was $73.71.

The average price of Azeri Light crude oil on a FOB basis at the Turkish port of Ceyhan was $74.97 per barrel, which is $3.81, or 5.3%, more than last week. During the week, the maximum price was $79.41 per barrel, and the minimum was $71.15.

The price of Urals crude oil rose by $2.89, or 6.9%, compared to last week, standing at $44.68 per barrel. During the week, the maximum price was $49.43, and the minimum was $40.95.

The Dated Brent crude oil price averaged $73.94, up by $4.07, or 5.8%, compared to last week. During this week, the maximum price was $78.36 per barrel, and the minimum was $69.88.

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the validity of the temporary peace agreement following the resumption of hostilities, stating that the agreement ‘is no longer in effect,'' Trading Economics reports.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.''