BAKU, Azerbaijan, July 16. The price of
Azerbaijan’s Azeri Light crude oil on a CIF basis at Italy’s
Augusta port increased by $0.32, or 0.4%, from the previous session
to $86.83 per barrel.
The information was provided by oil market participants.
“The price of Azerbaijan’s Azeri Light crude on an FOB basis at
the Turkish port of Ceyhan rose by $0.03, or 0.04%, to $83.18 per
barrel. The price of URALS crude dropped by $0.49, or 0.9%, from
the previous session to $51.18 per barrel. The price of North Sea
Dated Brent crude decreased by $0.34, or 0.4%, from the previous
session to $82.22 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 Brent crude oil
fluctuated near $85 per barrel on Thursday, remaining close to its
one-month high, as the U.S. intensified its military campaign
against Iran to ensure the safety of shipping through the Strait of
Hormuz.
“On Wednesday, U.S. forces carried out new airstrikes on Iranian
missile depots and launchers near the strategically important
waterway. In addition, according to media reports, U.S. President
Donald Trump is leaning toward expanding the military operation and
has discussed the possibility of seizing Khark Island, Iran’s main
oil export terminal.
The escalation of the conflict pushed oil prices to their
highest level in the past month and once again heightened fears of
potential disruptions to oil supplies from the Middle East. “This
allowed prices to recoup about a third of the decline recorded in
the second quarter following the conclusion of a temporary peace
agreement, which improved the outlook for global oil supply,”
according to Trading Economics.
In addition, it is noted that prices received further support
from Ukraine’s ongoing attacks on Russian fuel production
facilities and oil tankers, which also heightened concerns about a
tightening of the global oil supply situation.
