BAKU, Azerbaijan, July 24. The price of Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's Augusta port increased by $8.54, or 8.49%, from the previous session to $109.10 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 $8.49, or 8.78%, to $105.18 per barrel. The price of URALS crude grew by $7.96, or 12.65%, from the previous session to $70.90 per barrel. The price of North Sea Dated Brent crude rose by $10.75, or 11.42%, from the previous session to $104.92 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 traded above $92 a barrel on Friday, heading for a more than 12% gain on the week as rising tensions in the Middle East fueled concerns that global oil supplies could be further disrupted.
"The U.S. has been striking Iran for the 13th day in a row. Both Washington and Tehran have recently declared that negotiations are impossible.
US President Donald Trump has threatened Iran and the Houthis with "major military punishment" if there are further attacks on shipping in the Red Sea. He also said that he was considering the option of a "massive attack" against Iran.
These statements of Trump were made after the Iran-backed Houthi group attacked two oil tankers belonging to Saudi Arabia in the Red Sea. This route is considered one of the main alternative routes for the export of Saudi oil against the backdrop of ongoing conflicts in the Strait of Hormuz.
Asian buyers have already begun discussing shipping Saudi oil through the Suez Canal and the route through southern Africa.
Another factor that put additional pressure on supplies was the Caspian Pipeline Consortium (CPC) halting oil loading at its Black Sea terminal after the tanker attacks. This led to the disruption of approximately 80% of Kazakhstan's oil exports," the report noted.
