BAKU, Azerbaijan, September 26. The price of
Azerbaijan’s Azeri Light crude on a CIF basis at Italy’s Augusta
port fell by $2.48, or 1.97%, from the previous level to $123.46
per barrel, a source in the oil market told Trend.
On an FOB basis at Türkiye’s Ceyhan port, the price of Azeri
Light crude fell by $2.45, or 2.05%, to $116.81 per barrel.
The price of Urals crude declined by $1.87, or 2.12%, from the
previous level to $86.49 per barrel.
The price of North Sea Dated Brent crude fell by $2.50, or 2%,
to $123.02 per barrel.
Azerbaijan’s state budget for 2026 is based on an average oil
price of $65 per barrel.
According to Trading Economics, crude oil prices edged lower on
Friday to about $92 per barrel.
The decline was attributed to Iran calling on the United States
to return to a temporary peace agreement that failed to lead to an
end to the war during the summer, according to the report.
A phased agreement could resemble the memorandum of
understanding reached between the US and Iran in mid-June, which
led to a fragile ceasefire that was broken several weeks later, the
report said.
Iran’s foreign minister said Tehran was ready to reopen the
Strait of Hormuz within seven days and resume nuclear talks with
the US if the Trump administration accepts Iran’s conditions,
including lifting the naval blockade, unfreezing Iranian assets and
ending the war “on all fronts.”
Oil shipments through the Strait of Hormuz reached 33.7 million
barrels this week, indicating that exports were roughly in line
with the previous week’s level.
Oil markets remained volatile this week amid mixed signals over
prospects for peace, signs of restored energy flows in the Middle
East and speculation that the US could impose restrictions on
diesel exports, according to the report.
Despite recent gains, the price of the US benchmark crude grade
fell about 7.4% over the week.
