BAKU, Azerbaijan, October 21.
The price of Azerbaijan's Azeri Light crude oil on a CIF basis at
Italy's Augusta port increased by $1.15, or 0.97%, from the
previous level to $119.68 per barrel, a source in the oil market
told Trend.
The source said that the price of Azeri Light crude on a FOB
basis at Türkiye's Ceyhan port grew by $1.54, or 1.43%, to $109.21
per barrel.
The price of Urals crude rose by $1.84, or 2.15%, to $87.45 per
barrel. The price of North Sea Dated Brent crude increased by
$0.52, or 0.44%, to $118.13 per barrel.
Azerbaijan's state budget for 2026 is based on an average oil
price of $65 per barrel.
According to Trading Economics, on Wednesday, the price of a
barrel of crude oil rose to approximately $99, resuming its upward
trend.
"Investors are weighing conflicting reports regarding diplomatic
progress between the U.S. and Iran.
Prices fell sharply on Tuesday following a meeting in Tehran
between Pakistan’s army chief, General Asim Munir, and senior
Iranian diplomatic and military officials. The discussions covered
bilateral relations and the status of negotiations with
Washington.
However, a diplomat involved in the talks denied reports that an
agreement was imminent, confirming instead that efforts to resolve
the conflict are ongoing.
The intensification of military confrontations, involving Saudi
Arabia and the Iran-backed Houthis, as well as Russia and Ukraine,
has heightened supply risks. Consequently, oil prices have risen by
more than 10% this month.
Over the past two weeks, at least 18 vessels have also come
under attack in the Strait of Hormuz. Nevertheless, despite these
existing risks, the flow of oil from the Middle East has recovered
to approximately 80% of pre-war levels," the Trading Economics
report noted.
