BAKU, Azerbaijan, August 1. The CIF price of
Azerbaijan's Azeri Light crude at Italy's Augusta port rose by
$3.29, or 3.34%, from the previous level to $101.87 per barrel, a
source in the oil market told Trend.
FOB price of Azeri Light crude at Ceyhan port in Türkiye
increased by $3.39, or 3.57%, to $98.25 per barrel.
The price of Urals crude climbed by $2.92, or 4.71%, from the
previous level to $64.91 per barrel.
Meanwhile, Dated Brent crude produced in the North Sea gained
$4.41, or 4.78%, to $96.57 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price
assumption of $65 per barrel.
According to Trading Economics, crude oil prices rose about 1%
on Friday to nearly $85 per barrel. The report said oil has gained
more than 20% in July, marking its strongest monthly increase since
March.
The rally has been driven primarily by escalating geopolitical
tensions and growing concerns over global oil supplies.
Although Iran claimed it attacked two oil tankers transiting the
Strait of Hormuz under the escort of U.S. military forces, Western
maritime security agencies have not confirmed the report.
Renewed tensions between the United States and Iran, attacks by
the Houthis in the Red Sea, and Saudi Arabia's strikes against
Iran-backed groups have heightened risks to the security of key
global shipping routes.
A decline in U.S. crude oil inventories has also provided
additional support for prices.
At the same time, attacks targeting Russia's Black Sea oil
export infrastructure, including areas near the Caspian Pipeline
Consortium (CPC) terminal, have fueled concerns about potential
disruptions to Kazakhstan's oil exports. Kazakh crude is a key
feedstock for European refineries.
Although the CPC has decided to continue operating, uncertainty
over supply security continues to support elevated oil prices, the
report said.
