Azerbaijan oil prices rise amid Middle East uncertainty

The price of Azerbaijan’s Azeri Light crude oil has increased due to rising energy market volatility. At Italy’s Augusta port, the price rose by $0.90 (0.95%) to reach $95.48 per barrel on a CIF basis. In Türkiye’s Ceyhan port, Azeri Light prices rose by $0.90 (1%) to $91.79 per barrel on an FOB basis.

Global oil prices have risen by more than 3% this week, driven by heightened uncertainty in the Middle East stemming from tensions between the United States and Iran. Disputes regarding the Strait of Hormuz and accusations from the UAE against Tehran regarding ballistic missile strikes have intensified economic and geopolitical pressures in the region. Despite these risks, Gulf nations continue to export significant volumes of crude via alternative routes.