Azerbaijan's Azeri Light crude climbs to $93 per barrel

On 21 July 2026, the price of Azerbaijan's Azeri Light crude oil rose sharply. On a CIF basis at Italy's Augusta port the barrel price increased by $2.41 (2.63%) to $93.91, while on an FOB basis at Turkey's Ceyhan port it rose $2.42 (2.76%) to $89.99. Azerbaijan's 2026 state budget is calculated on an average oil price of $65 per barrel, making the recent surge a significant uplift for national revenue.

The price movement occurred amid broader market volatility tied to ongoing geopolitical tensions. Recent U.S. attacks on Iran and retaliatory strikes, coupled with tentative peace‑talks, have been influencing global oil prices, which had slipped toward $82 per barrel earlier in the week. The higher Azerbaijani crude price reflects both regional supply‑demand dynamics and the impact of these international developments on energy markets.