BAKU, Azerbaijan, July 29. The price of Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's Augusta port decreased by $4.36, or 4.56%, from the previous session to $91.22 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 fell by $4.59, or 5.02%, to $86.89 per barrel. The price of URALS crude went down by $3.24, or 5.66%, from the previous session to $54.02 per barrel. The price of North Sea Dated Brent crude fell by $4.81, or 5.31%, from the previous session to $85.74 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 rose more than 4% on Wednesday to near $83 a barrel, snapping a three-day losing streak. The move was driven by renewed tensions in the Middle East after days of relative calm and heightened concerns about potential energy disruptions.
"The U.S. military announced that it had successfully repelled an Iranian attack on American troops stationed in the Middle East. At the same time, Iranian-backed armed groups in Iraq have attacked oil facilities in eastern Saudi Arabia with drones for the second consecutive day. The extent of the damage caused by the attacks isn't yet fully clear.
On the diplomatic front, Iran has rejected Oman's proposal for joint 50/50 control of the Strait of Hormuz. Tehran has said that it should retain full control over the shipping route entering the strait and part of the exit route.
According to the American Petroleum Institute (API), published in the U.S., crude oil reserves in the country decreased by 3.3 million barrels last week. This indicates that the supply in the global oil market remains limited," the report said.
