The price of Azerbaijan’s Azeri Light crude oil on a CIF basis in the Italian port of Augusta increased by $0.79 (1.06%) compared to the previous rate, now sitting at $75.49 per barrel, a source in the oil and gas market said.
On an FOB basis in the Turkish Ceyhan port, the price of Azeri Light went up by $0.83 (1.13%) to $74.29 per barrel.
In the interim, the valuation of URALS crude rose by $0.8 (1.37%) relative to the previous rate, resulting in a price point of $59.33 per barrel.
"The lower U.S. production outlook got the price rally going and it kept going along with other commodities on the copper tariff news and the increased tensions in the Red Sea," analyst at Price Futures Group Phil Flynn said.
The North Sea benchmark crude, specifically Dated Brent, increased by $0.75, or 1.05%, from the preceding valuation, culminating in a settlement price of $72.05 per barrel.
The average price of a barrel of oil in the state budget of Azerbaijan for 2025 is estimated at $70.
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