Azerbaijan's Oil Prices Take Hit Amid Global Surge

The price of Azerbaijan's Azeri Light crude oil has taken a hit. On July 29, the price dropped by $4.36, or 4.56%, to $91.22 per barrel on a CIF basis at Italy's Augusta port.

Additionally, the FOB price of Azeri Light crude at the Turkish port of Ceyhan decreased by $4.59, or 5.02%, to $86.89 per barrel.

The prices of other oil types also declined: URALS crude dropped by $3.24, or 5.66%, from the previous session to $54.02 per barrel, and North Sea Dated Brent crude fell by $4.81, or 5.31%, from the previous session to $85.74 per barrel.

These price drops come as global oil prices rose over 4% on Wednesday to near $83 a barrel, snapping a three-day losing streak. Renewed tensions in the Middle East and concerns about potential energy disruptions have contributed to this surge.