BAKU, Azerbaijan, July 22. The price of Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's Augusta port increased by $4.82, or 5.13%, from the previous session to $98.73 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 also rose by $4.82, or 5.36%, to $94.81 per barrel. The price of URALS crude grew by $4.83, or 8.6%, from the previous session to $60.97 per barrel. The price of North Sea Dated Brent crude rose by $5.18, or 5.95%, from the previous session to $92.19 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, crude oil rose above $85 per barrel on Wednesday, reaching its highest level in nearly six weeks. The report said the increase was driven by growing supply risks across key export routes in the Middle East and other regions.
"U.S. President Donald Trump dismissed the prospect of imminent talks with Iran. At the same time, he warned that additional strikes would be carried out and retaliatory measures taken if the Iran-backed Houthi movement in Yemen disrupted shipping through the Red Sea.
During the conflict, the Red Sea has become an important export corridor for Saudi Arabia, allowing the kingdom to reroute part of its crude oil exports via pipelines and reduce its dependence on the Strait of Hormuz.
Meanwhile, a Kuwaiti tanker carrying petroleum products was struck in the Strait of Hormuz, underscoring that threats to maritime security remain.
Outside the region, market participants are also closely monitoring a series of attacks on the Caspian Pipeline Consortium (CPC) terminal on Russia's Black Sea coast, a key export hub for the majority of Kazakhstan's crude oil exports," the report said.
