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 TurkicWorld
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.
