BAKU, Azerbaijan, October 29. The price of
Azerbaijani Azeri Light crude oil on a CIF basis at the Italian
port of Augusta rose by $2.93, or 2.39%, compared to the previous
figure, reaching $125.42 per barrel, oil market participants
reported
The price of a barrel of Azeri Light crude on a FOB basis at the
Turkish port of Ceyhan rose by $3, or 2.68%, to $115.12.
Urals crude oil rose by $2.21, or 2.45%, compared to the
previous figure, reaching $92.21 per barrel.
Dated Brent crude, produced in the North Sea, rose by $1.09, or
0.91%, compared to the previous reading, reaching $120.61 per
barrel.
Azerbaijan’s 2026 state budget assumes an average price of $65
per barrel of oil.
According to Trading Economics, the price of oil fell below $102
per barrel on Thursday.
“This led to a partial reversal of the gains made in the
previous session, as investors assessed new diplomatic efforts
aimed at preventing further escalation of the conflict in the
Middle East.
According to reports, U.S. Vice President J.D. Vance contacted
Iranian National Security Official Mohsen Rezaei. President Donald
Trump confirmed that talks were taking place through intermediaries
but stated that their outcome remains uncertain. Iranian Foreign
Minister Abbas Araghchi also reiterated that Tehran is open to
diplomatic solutions.
Despite falling prices, WTI crude oil has risen by more than 14%
this month. This was driven by escalating clashes between Saudi
Arabia and the Iran-backed Houthis, as well as ongoing threats to
shipping lanes through the Strait of Hormuz.
“Nevertheless, energy supplies from the region are currently
approaching pre-war levels,” the report notes.
