BAKU, Azerbaijan, July 23. The price of
Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's
Augusta port increased by $1.83, or 1.85%, from the previous
session to $100.56 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 $1.88, or 1.98%, to $96.69
per barrel. The price of URALS crude grew by $1.97, or 3.23%, from
the previous session to $62.94 per barrel. The price of North Sea
Dated Brent crude rose by $1.98, or 2.15%, from the previous
session to $94.17 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, the price of oil rose to $88 per
barrel on Thursday, reaching its highest level in the past six
weeks. The rise continued for the fifth consecutive trading session
amid escalating tensions in the Middle East.
Market concerns over potential large-scale supply disruptions
are thought to have driven the price increase.
U.S. President Donald Trump stated that if Iran attacks ships
passing through the Strait of Hormuz, the United States will strike
Iranian infrastructure targets. In response, Iran threatened to
take retaliatory measures against U.S.-linked energy facilities in
the region.
Meanwhile, Iran-backed Houthi rebels attacked two Saudi-owned
oil tankers in the Red Sea using missiles and drones. This incident
is considered the first direct attack on tankers in the Red Sea and
has heightened concerns about the security of one of the key
alternative routes for Saudi oil exports.
Against the backdrop of escalating tensions, security risks for
maritime shipping through both the Red Sea and the Strait of Hormuz
have increased even further.
At the same time, U.S. forces have been striking Iranian targets
for the twelfth consecutive day. Furthermore, both Washington and
Tehran remain skeptical about the prospects for peace talks, the
report states.
