BAKU, Azerbaijan, July 21. The price of Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's Augusta port increased by $2.41, or 2.63%, from the previous session to $93.91 per barrel.
A source in the oil market told Trend about this.
"The price of Azerbaijan's Azeri Light crude on an FOB basis at the Turkish port of Ceyhan rose by $2.42, or 2.76%, to $89.99 per barrel. The price of URALS crude grew by $2.24, or 4.16%, from the previous session to $56.14 per barrel. The price of North Sea Dated Brent crude rose by $2.36, or 2.78%, from the previous session to $87.01 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, oil prices slipped toward $82 per barrel on Tuesday, easing slightly from their highest level in five weeks. The decline was attributed to growing hopes that peace talks between the United States and Iran could resume following several days of reciprocal attacks.
"Mediators worked on Monday to persuade both sides to agree to a new ceasefire. According to reports, the possibility of a 10-day ceasefire is also under discussion.
However, oil prices have surged sharply this month as U.S. attacks on Iran entered their tenth consecutive day, while Tehran continued launching retaliatory strikes against neighboring countries.
Tensions escalated further after U.S. President Donald Trump stated that Tehran would be held responsible for the deaths of three American service members.
The Iran-backed Houthi group also announced a maritime embargo against Saudi Arabia, raising concerns over energy shipments through the Red Sea," the report said.
