BAKU, Azerbaijan, September 26. The price of Azerbaijan’s Azeri Light crude on a CIF basis at Italy’s Augusta port fell by $2.48, or 1.97%, from the previous level to $123.46 per barrel, a source in the oil market told Trend.
On an FOB basis at Türkiye’s Ceyhan port, the price of Azeri Light crude fell by $2.45, or 2.05%, to $116.81 per barrel.
The price of Urals crude declined by $1.87, or 2.12%, from the previous level to $86.49 per barrel.
The price of North Sea Dated Brent crude fell by $2.50, or 2%, to $123.02 per barrel.
Azerbaijan’s state budget for 2026 is based on an average oil price of $65 per barrel.
According to Trading Economics, crude oil prices edged lower on Friday to about $92 per barrel.
The decline was attributed to Iran calling on the United States to return to a temporary peace agreement that failed to lead to an end to the war during the summer, according to the report.
A phased agreement could resemble the memorandum of understanding reached between the US and Iran in mid-June, which led to a fragile ceasefire that was broken several weeks later, the report said.
Iran’s foreign minister said Tehran was ready to reopen the Strait of Hormuz within seven days and resume nuclear talks with the US if the Trump administration accepts Iran’s conditions, including lifting the naval blockade, unfreezing Iranian assets and ending the war “on all fronts.”
Oil shipments through the Strait of Hormuz reached 33.7 million barrels this week, indicating that exports were roughly in line with the previous week’s level.
Oil markets remained volatile this week amid mixed signals over prospects for peace, signs of restored energy flows in the Middle East and speculation that the US could impose restrictions on diesel exports, according to the report.
Despite recent gains, the price of the US benchmark crude grade fell about 7.4% over the week.
