BAKU, Azerbaijan, November 14. The price of Azerbaijan's Azeri Light crude oil on a CIF basis at the Italian port of Augusta increased by $2.8, or 2.8%, compared to the previous figure, reaching $102.68 per barrel, oil market participants reported.
Moreover, it was noted that the price of one barrel of Azeri Light crude oil on an FOB basis at the Turkish port of Ceyhan rose by $2.89, or 3.01%, to $98.79.
The price of Urals crude oil increased by $3.16, or 4.58%, compared to the previous figure, reaching $72.20 per barrel.
The price of Dated Brent crude oil, produced in the North Sea, rose by $4.05, or 4.4%, to $96.11 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 settled above $88 per barrel on Friday.
“Despite the price increase during the previous trading session, US President Donald Trump’s statement that Washington no longer needs a deal with Iran dampened hopes for a diplomatic resolution to the conflict.
Trump also instructed Vice President J.D. Vance to focus more on domestic issues than on negotiations with Tehran. Iran, for its part, maintains that Washington must lift the naval blockade and sanctions imposed against the country before direct peace talks can begin.
Mohsen Rezaei, Secretary of Iran’s Supreme National Security Council, also emphasized that Tehran has no intention of exporting enriched nuclear materials from the country.
Despite all this tension, against the backdrop of the resumption of crude oil exports from the Middle East, oil prices are heading toward their second consecutive weekly decline. The Democratic Party’s victory in the US midterm elections has also heightened expectations for a swifter resolution to the conflict,” the report notes.
