BAKU, Azerbaijan, July 31. The price of
Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's
Augusta port increased by $0.39, or 0.4%, from the previous session
to $98.58 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 rose by $0.74, or 0.8%, to $94.86 per
barrel. The price of URALS crude grew by $1.51, or 2.5%, from the
previous session to $61.99 per barrel. The price of North Sea Dated
Brent crude rose by $0.96, or 1.1%, from the previous session to
$92.16 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, Brent crude oil fell below $86
per barrel on Friday, but could still end the month up more than
20% amid renewed fighting between the U.S. and Iran, which has
heightened fears of further disruptions to energy supplies from the
Middle East.
"The U.S. military launched new strikes on Iranian targets in
response to Tehran's attacks on US facilities in the region,
dampening hopes for a swift diplomatic resolution to the
conflict.
Tanker traffic through the Strait of Hormuz increased after a
recent decline, allowing for the transportation of millions of
barrels of oil.
Meanwhile, in the Red Sea, Saudi Arabia held talks with
representatives from 43 countries on the creation of a maritime
coalition to ensure shipping security after Iran-backed Houthi
rebels in Yemen announced a blockade last week," Trading Economics
data shows.
The report notes that market participants continue to closely
monitor the risk of disruptions to oil supplies through the Black
Sea. This week, following new attacks on oil tankers, oil shipments
through the export terminal, which is key for Kazakh oil shipments,
were again suspended.
