BAKU, Azerbaijan, July 14. The price of
Azerbaijan's Azeri Light crude oil on a CIF basis at the Italian
port of Augusta increased by $3.38, or 4.3%, from the previous
session to $81.29 per barrel.
This was reported by oil market participants.
The price of Azeri Light crude on an FOB basis at the port of
Ceyhan in Türkiye rose by $3.30, or 4.4%, to $78.36 per barrel.
The price of URALS crude climbed by $2.78, or 6.3%, from the
previous session to $46.93 per barrel.
Meanwhile, the price of North Sea Dated Brent crude increased by
$3.12, or 4.2%, to $77.32 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price
of $65 per barrel.
Brent crude oil climbed above $84 per barrel on Tuesday, with
gains since the start of the week exceeding 10%, after U.S.
President Donald Trump reinstated a blockade on Iranian vessels
transiting the Strait of Hormuz and announced that all other cargo
passing through the waterway would be subject to special fees,
according to the latest data from Trading Economics.
The blockade is scheduled to take effect today at 4:00 p.m. U.S.
Eastern Time.
"Trump also called for a 20% compensation payment on transported
cargo, saying the United States should be reimbursed by countries
that benefit from U.S. efforts to safeguard shipping through the
Strait of Hormuz. He named Saudi Arabia, the United Arab Emirates,
Qatar, Bahrain and Kuwait among those countries.
These measures follow a renewed escalation in tensions between
Washington and Tehran. The United States is seeking to curb Iran's
ability to disrupt maritime shipping, while Tehran has responded by
targeting U.S. allies in the region," Trading Economics said.
Trading Economics also noted that Trump said he would support a
sanctions bill against Russia introduced by the late Sen. Lindsey
Graham, which calls for renewed efforts to impose restrictive
measures on buyers of Russian oil and natural gas.
