BAKU, Azerbaijan, July 23. The price of Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's Augusta port increased by $1.83, or 1.85%, from the previous session to $100.56 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 $1.88, or 1.98%, to $96.69 per barrel. The price of URALS crude grew by $1.97, or 3.23%, from the previous session to $62.94 per barrel. The price of North Sea Dated Brent crude rose by $1.98, or 2.15%, from the previous session to $94.17 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 oil rose to $88 per barrel on Thursday, reaching its highest level in the past six weeks. The rise continued for the fifth consecutive trading session amid escalating tensions in the Middle East.
Market concerns over potential large-scale supply disruptions are thought to have driven the price increase.
U.S. President Donald Trump stated that if Iran attacks ships passing through the Strait of Hormuz, the United States will strike Iranian infrastructure targets. In response, Iran threatened to take retaliatory measures against U.S.-linked energy facilities in the region.
Meanwhile, Iran-backed Houthi rebels attacked two Saudi-owned oil tankers in the Red Sea using missiles and drones. This incident is considered the first direct attack on tankers in the Red Sea and has heightened concerns about the security of one of the key alternative routes for Saudi oil exports.
Against the backdrop of escalating tensions, security risks for maritime shipping through both the Red Sea and the Strait of Hormuz have increased even further.
At the same time, U.S. forces have been striking Iranian targets for the twelfth consecutive day. Furthermore, both Washington and Tehran remain skeptical about the prospects for peace talks, the report states.
