BAKU, Azerbaijan, November 3. The price of Azerbaijani Azeri Light crude oil on a CIF basis at the Italian port of Augusta decreased by $9.66, or 7.66%, compared to the previous figure, to $116.50 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 $8.43, or 7.24%, to $108.05.
Urals crude oil dropped by $9.36, or 10.16%, compared to the previous figure, to $82.78 per barrel.
Dated Brent crude, produced in the North Sea, declined by $10.27, or 8.65%, compared to the previous reading, to $108.49 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 $97 per barrel on Tuesday, November 3.
"Nevertheless, oil prices have largely retained the losses of over 6% recorded in the previous session, even as signs of diplomatic progress between the U.S. and Iran have helped alleviate concerns regarding potential supply disruptions.
Iranian President Masoud Pezeshkian stated that his administration has received broader authority from the country’s Supreme Leader to pursue peace negotiations. U.S. President Donald Trump also remarked that progress has been made in the talks. Meanwhile, Iranian officials indicated that an agreement remains possible following three days of discussions mediated by Qatar.
These developments coincide with the onset of the U.S. midterm election. Rising energy prices linked to the conflict involving Iran are intensifying political pressure on the Trump administration and the Republican Party.
WTI, the primary U.S. oil benchmark, had previously climbed to its highest levels in several weeks amid concerns that Washington might resume military strikes against Iran following the midterm election,” the report notes.
