BAKU, Azerbaijan, November 6. The price of Azerbaijani Azeri Light crude oil on a CIF basis at the Italian port of Augusta increased by $0.03, or 0.03%, compared to the previous figure, to $106.84 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 grew by $1.7, or 1.70%, to $101.60.
Meanwhile, Urals crude oil dropped by $0.005, or 0.01%, compared to the previous figure, to $72.945 per barrel.
Dated Brent crude, produced in the North Sea, declined by $0.18, or 0.19%, compared to the previous reading, to $95.98 per barrel.
Azerbaijan’s 2026 state budget assumes an average price of $65 per barrel of oil.
According to Trading Economics, crude oil price approached $92 per barrel on Friday.
"Nevertheless, oil prices are set to end the week down approximately 12% amid growing optimism that the conflict in the Middle East could be resolved sooner than expected. These expectations have strengthened following the Democrats' victory in the US midterm election, although uncertainties remain.
The Democrats have gained control of both chambers of Congress. This could limit President Donald Trump's support for the war against Iran. According to reports, Tehran is considering proposals submitted by mediators regarding its nuclear program. However, Iran is demanding the lifting of the US naval blockade of its ports, sanctions relief, and the release of its frozen assets before fully reopening the Strait of Hormuz.
At the same time, at least five incidents involving vessels have been reported in the Persian Gulf since Sunday. These developments indicate that risks to maritime shipping remain.
Nevertheless, the situation has improved significantly. Crude oil exports from Gulf countries have approached pre-war levels, although shipping costs remain high,” the report adds.
