BAKU, Azerbaijan, July 21. The price of
Azerbaijan’s Azeri Light crude oil on a CIF basis at Italy’s
Augusta port increased by $2.41, or 2.63%, from the previous
session to $93.91 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 rose by $2.42, or 2.76%, to $89.99 per
barrel. The price of URALS crude grew by $2.24, or 4.16%, from the
previous session to $56.14 per barrel. The price of North Sea Dated
Brent crude rose by $2.36, or 2.78%, from the previous session to
$87.01 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, oil prices slipped toward $82
per barrel on Tuesday, easing slightly from their highest level in
five weeks. The decline was attributed to growing hopes that peace
talks between the United States and Iran could resume following
several days of reciprocal attacks.
“Mediators worked on Monday to persuade both sides to agree to a
new ceasefire. According to reports, the possibility of a 10-day
ceasefire is also under discussion.
However, oil prices have surged sharply this month as U.S.
attacks on Iran entered their tenth consecutive day, while Tehran
continued launching retaliatory strikes against neighboring
countries.
Tensions escalated further after U.S. President Donald Trump
stated that Tehran would be held responsible for the deaths of
three American service members.
The Iran-backed Houthi group also announced a maritime embargo
against Saudi Arabia, raising concerns over energy shipments
through the Red Sea,” the report said.
