BAKU, Azerbaijan, October 2.
The price of Azerbaijan’s Azeri Light crude on a CIF basis at
Italy’s Augusta port increased by $5.5, or 4.61%, from the previous
level to $124.76 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 moved up by $5.04, or 4.49%, to $117.33 per barrel.
The price of Urals crude increased by $5.64, or 6.91%, from the
previous level to $85.54 per barrel.
The price of North Sea Dated Brent crude declined by $6,67, or
5,54%, to $127.11 per barrel.
Azerbaijan’s state budget for 2026 is based on an average oil
price of $65 per barrel.
According to Trading Economics, the price of a barrel of crude
oil was around $93 on Friday.
“Oil prices remain stable after two consecutive sessions of
gains, as the U.S. considers sending another aircraft carrier to
the Middle East, raising the likelihood of a larger-scale war with
Iran and further disruptions to energy supplies from the
region.
The Pentagon is also considering sending up to 10,000 sailors
and Marines to the Persian Gulf, which could give U.S. President
Donald Trump additional options should he decide to intensify
attacks on Iran.
Trump reportedly told his aides that he expects bombing raids on
Iran to resume after the midterm elections in November.
The renewed tensions come as oil flows from the Middle East have
largely returned to pre-war levels. However, markets are skeptical
that this recovery will be sustainable without a long-term
agreement to end the conflict.
“At least three tankers were attacked this week while passing
through the Strait of Hormuz. Iran and its Houthi allies have also
carried out strikes on oil refineries in various parts of the
region,” the report states.
