BAKU, Azerbaijan, October 24. The price of
Azerbaijani “Azeri Light” crude oil on a CIF basis at the Italian
port of Augusta rose by $4.64, or 3.8%, compared to the previous
figure, reaching $126.59 per barrel, oil market participants
reported.
The price of a barrel of “Azeri Light” crude on FOB terms at the
Turkish port of Ceyhan rose by $3.54, or 3.18%, to $114.89.
Ural crude oil rose by $4.18, or 4.6%, compared to the previous
figure, reaching $95.03 per barrel.
Dated Brent crude, produced in the North Sea, rose by $4.25, or
3.47%, to $126.69 per barrel.
Azerbaijan’s 2026 state budget estimates the average price of a
barrel of oil at $65.
According to “Trading Economics,” the price of a barrel of crude
oil exceeded $103 on Friday. “This was driven by growing
expectations that the U.S. may resume strikes against Iran in the
coming weeks.”
U.S. President Donald Trump stated on Wednesday that Washington
is not negotiating with Tehran and that certain events will take
place “very soon.” According to media reports, the U.S. and Israel
are planning new strikes against Iran after the midterm elections,
which will take place in November.
Meanwhile, the commander-in-chief of the Iranian army stated
that, following the buildup of the country’s military capabilities,
the army is fully prepared for “asymmetric warfare.”
The Houthis, who are allied with Iran, continue their attacks on
Saudi Arabia. This prompted the U.S. State Department to instruct
non-essential personnel to leave the country.
Following a series of attacks, the oil giant Saudi Aramco also
instructed employees to leave its headquarters in Dhahran and
switch to remote work.
“Over the past week, the price of crude oil has risen by more
than 1.5%,” the report states.
