Azerbaijan's Azeri Light crude climbs to $102 per barrel amid geopolitical tensions

The CIF price of Azerbaijan's Azeri Light crude at Italy's Augusta port rose by $3.29, or 3.34%, to $101.87 a barrel, while the FOB price at Turkey's Ceyhan port increased by $3.39, or 3.57%, to $98.25 a barrel. In the same period, Urals crude rose to $64.91 a barrel and North Sea Dated Brent to $96.57 a barrel. Azerbaijan’s 2026 state budget is based on an average oil price of $65 per barrel, yet overall crude prices have risen about 1% to near $85 a barrel, marking a 20% gain in July – the strongest monthly increase since March. The rally is attributed to escalating geopolitical risks, including renewed U.S.–Iran tensions, Houthi attacks in the Red Sea, Saudi strikes against Iran‑backed groups, and attacks on Russia’s Black Sea export infrastructure near the Caspian Pipeline Consortium terminal, which raise concerns about Kazakhstan’s oil exports to Europe. A decline in U.S. crude inventories also supports higher prices.