BAKU, Azerbaijan, October 31. The price of
Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's
Augusta port increased by $3.88, or 3.2%, from the previous level
to $126.16 per barrel, oil market participants said.
The price of Azeri Light on a FOB basis at Türkiye's Ceyhan port
rose by $4.10, or 3.6%, to $116.48 per barrel.
Meanwhile, the price of Urals crude increased by $3.79, or 4.3%,
to $92.14 per barrel. The price of North Sea Dated Brent crude rose
by $3.94, or 3.4%, to $118.76 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price
of $65 per barrel.
According to the latest data from Trading Economics, global
crude oil prices exceeded $103 per barrel on Friday, reaching their
highest level in six weeks.
"Prices are rising amid concerns that the United States could
resume military strikes against Iran. A senior military commander
has presented U.S. President Donald Trump with possible military
action options.
Trump has repeatedly warned that airstrikes against Iran could
resume after next week's midterm elections. At the same time,
Iranian officials confirmed that U.S. Vice President JD Vance had
sent a letter aimed at restarting peace talks.
U.S. benchmark WTI crude rose by more than 10% in October amid
the ongoing conflict between the United States and Iran. Clashes
between Saudi Arabia and Iran-backed Houthi forces have also
intensified," the information said.
It also noted that threats to shipping in the Strait of Hormuz
remain high, with oil tankers continuing to come under attack. At
the same time, crude oil exports from the region have approached
pre-war levels. Producers continue to transport oil cargoes through
this strategically important waterway despite limited information
about the situation.
