BAKU, Azerbaijan, October 30. The price of
Azerbaijani Azeri Light crude oil on a CIF basis at the Italian
port of Augusta decreased by $3.14, or 2.5%, compared to the
previous figure, to $122.28 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 fell by $2.74, or 2.38%, to $112.38.
Urals crude oil fell by $3.86, or 4.19%, compared to the
previous figure, to $88.35 per barrel.
Dated Brent crude, produced in the North Sea, declined by $5.79,
or 4.8%, compared to the previous reading, to $114.82 per
barrel.
Azerbaijan’s 2026 state budget assumes an average price of $65
per barrel of oil.
According to Trading Economics, the price of crude oil on the
global market surpassed $103 per barrel, reaching its highest level
in the last six weeks on Friday.
“This has been driven by concerns that the U.S. might once again
subject Iran to military strikes. It is reported that a
high-ranking military commander has briefed U.S. President Donald
Trump on potential military operation options.
Trump has repeatedly warned that airstrikes against Tehran could
resume following the midterm elections taking place next week.
Meanwhile, Iranian officials have confirmed that U.S. Vice
President J.D. Vance sent a letter aimed at resuming peace
negotiations.
The price of WTI, the primary U.S. oil benchmark, rose by more
than 10% in October against the backdrop of the ongoing U.S.-Iran
conflict. At the same time, the intensity of clashes between Saudi
Arabia and the Iranian-backed Houthis has also increased.
Risks to shipping in the Strait of Hormuz remain high, and oil
tankers continue to be targeted. Nevertheless, crude oil exports
from the region have approached pre-war levels. Producers continue
to transport oil shipments through this strategically vital
waterway, while maintaining limited disclosure regarding these
movements,” the report notes.
