BAKU, Azerbaijan, July 22. The price of
Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's
Augusta port increased by $4.82, or 5.13%, from the previous
session to $98.73 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 $4.82, or 5.36%, to $94.81
per barrel. The price of URALS crude grew by $4.83, or 8.6%, from
the previous session to $60.97 per barrel. The price of North Sea
Dated Brent crude rose by $5.18, or 5.95%, from the previous
session to $92.19 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 rose above $85 per
barrel on Wednesday, reaching its highest level in nearly six
weeks. The report said the increase was driven by growing supply
risks across key export routes in the Middle East and other
regions.
"U.S. President Donald Trump dismissed the prospect of imminent
talks with Iran. At the same time, he warned that additional
strikes would be carried out and retaliatory measures taken if the
Iran-backed Houthi movement in Yemen disrupted shipping through the
Red Sea.
During the conflict, the Red Sea has become an important export
corridor for Saudi Arabia, allowing the kingdom to reroute part of
its crude oil exports via pipelines and reduce its dependence on
the Strait of Hormuz.
Meanwhile, a Kuwaiti tanker carrying petroleum products was
struck in the Strait of Hormuz, underscoring that threats to
maritime security remain.
Outside the region, market participants are also closely
monitoring a series of attacks on the Caspian Pipeline Consortium
(CPC) terminal on Russia's Black Sea coast, a key export hub for
the majority of Kazakhstan's crude oil exports," the report
said.
