BAKU, Azerbaijan, July 17. The price of Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's Augusta port increased by $1.99, or 2.29%, from the previous session to $88.82 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 $1.78, or 2.14%, to $84.96 per barrel. The price of URALS crude dropped by $0.96, or 1.88%, from the previous session to $52.14 per barrel. The price of North Sea Dated Brent crude decreased by $0.66, or 0.8%, from the previous session to $82.88 per barrel," the information said.
Azerbaijan's 2026 state budget is based on an average oil price of $65 per barrel.
According to Trading Economics, the price of Brent crude oil fluctuated near $85 per barrel on Thursday, remaining close to its one-month high, as the U.S. intensified its military campaign against Iran to ensure the safety of shipping through the Strait of Hormuz.
"On Wednesday, U.S. forces carried out new airstrikes on Iranian missile depots and launchers near the strategically important waterway. In addition, according to media reports, U.S. President Donald Trump is leaning toward expanding the military operation and has discussed the possibility of seizing Khark Island, Iran’s main oil export terminal.
The escalation of the conflict pushed oil prices to their highest level in the past month and once again heightened fears of potential disruptions to oil supplies from the Middle East. This allowed prices to recoup about a third of the decline recorded in the second quarter following the conclusion of a temporary peace agreement, which improved the outlook for global oil supply,” according to Trading Economics.
According to data from “Trading Economics,” the price of Brent crude oil approached $85 per barrel on Friday. It is reported that, amid rising tensions between the U.S. and Iran, prices are on track for a weekly gain of approximately 12% due to concerns about potential supply disruptions in the Middle East.
“The U.S. carried out several strikes against Iran this week, and, according to available reports, following the reimposition of a blockade on Iranian ports, a strike was carried out against an oil tanker near the country’s main export terminal for the first time during this period.
U.S. President Donald Trump also warned that if diplomatic efforts fail, Washington could launch strikes against Iranian infrastructure next week.
Meanwhile, reports say Tehran has instructed Houthi rebels in Yemen to block the Bab el-Mandeb strait, a key route for Saudi Arabia’s oil exports through the Red Sea, in the event of an attack on Iran’s energy infrastructure.
“Following the latest escalation of tensions, ship traffic through the Strait of Hormuz has dropped sharply, though some vessels continue to transit through this waterway,” the report states.
