BAKU, Azerbaijan, July 25. The price of
Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's
Augusta port decreased by $6.37, or 5.84%, from the previous
session to $102.73 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 fell by $6.43, or 6.11%, to $98.75 per
barrel. The price of URALS crude went down by $6.25, or 8.81%, from
the previous session to $64.65 per barrel. The price of North Sea
Dated Brent crude fell by $6.59, or 6.28%, from the previous
session to $98.33 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 prices fell by 3% on
Friday to around $89.3 per barrel. The decline was attributed to
reports that Pakistan, with support from China, was seeking to
resume talks between the United States and Iran. The report noted
that the developments raised hopes for a diplomatic solution to
reduce tensions in the Middle East.
"According to reports, Chinese officials are increasingly
concerned that attacks on Gulf countries and disruptions in the
Strait of Hormuz are harming the country’s economic interests.
Despite the decline in prices, crude oil has gained around 8% on a
weekly basis amid a sharp escalation in military tensions in the
Middle East.
Overnight, the US Central Command (CENTCOM) carried out strikes
against Iran for the 13th consecutive night. The attacks reportedly
targeted military infrastructure and naval capabilities. The US
military said the Strait of Hormuz remained open with the support
of American forces.
Meanwhile, US President Donald Trump said he was considering an
unprecedented military response against Iran and warned of a harsh
reaction if Tehran supports new Houthi attacks on vessels in the
Red Sea," the report said.
