BAKU, Azerbaijan, July 30. The price of Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's Augusta port increased by $6.97, or 7.64%, from the previous session to $98.19 per barrel, a source in the oil market told Trend.
"The price of Azerbaijan's Azeri Light crude on an FOB basis at the Turkish port of Ceyhan also rose by $7.23, or 8.32%, to $94.12 per barrel. The price of URALS crude grew by $6.46, or 11.96%, from the previous session to $60.48 per barrel. The price of North Sea Dated Brent crude rose by $5.46, or 6.37%, from the previous session to $91.20 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 continued to rise on Thursday, surpassing $85 per barrel. It was reported that this was due to the U.S. launching further airstrikes on Iran in response to attacks on American forces in the Middle East, and growing concerns that this could cause new disruptions in global energy supplies.
“At the same time, no possible agreement has been reached between the parties. No progress has been recorded in the negotiations because Tehran insists on maintaining control over the Strait of Hormuz.
The conflict has already spread beyond the Strait of Hormuz to include the Red Sea region as well. The Iran-backed Houthi group in Yemen has threatened to blockade Saudi Arabia. In response, Riyadh has joined U.S. forces in striking targets in Iraq linked to Iran-backed armed groups.
Meanwhile, in the U.S., commercial crude oil inventories recorded their largest decline since mid-June, indicating a tightening of supply in the physical market. The country’s strategic petroleum reserves have also declined for the 18th consecutive week, falling to their lowest level since 1983,” the report noted.
