Azerbaijan's Azeri Light crude falls in July 2026

The price of Azerbaijan’s Azeri Light crude dropped on July 10, 2026. At Italy’s Augusta port on a CIF basis it fell to $79.09 per barrel, down $1.18 (1.5%) from the previous level. At Turkey’s Ceyhan port on a FOB basis the price slipped to $75.06 per barrel, down $1.25 (1.6%). In the same session URALS crude fell $1.78 (3.9%) to $44.15 per barrel, while North Sea Dated Brent declined $1.19 (1.6%) to $74.20 per barrel.

Azerbaijan’s 2026 state budget assumes an average oil price of $65 per barrel. Analysts linked the price movements to renewed U.S.–Iran tensions after U.S. strikes on Iranian targets and Tehran’s retaliatory attacks on U.S. bases, which also reduced shipping traffic through the Strait of Hormuz. President Donald Trump questioned the validity of a temporary peace accord, stating it was no longer in effect. Markets continue to monitor whether transit through the Strait will return to normal levels.