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 TurkicWorld 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.
