BAKU, Azerbaijan, September 29. The price of Azerbaijan’s Azeri Light crude on a CIF basis at Italy’s Augusta port fell by $0.97, or 0.79%, from the previous level to $122.49 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 decreased by $1.13, or 0.97%, to $115.68 per barrel.
The price of Urals crude declined by $0.95, or 1.1%, from the previous level to $85.54 per barrel.
The price of North Sea Dated Brent crude grew by $1, or 0.81%, to $124.02 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 continued to rise on Tuesday, climbing above $93 per barrel. This was reportedly driven by ongoing uncertainty surrounding U.S.-Iran talks, which outweighed the resumption of supplies via Saudi Arabia's East-West oil pipeline. According to reports, Iranian officials have cast doubt on the possibility of reaching an agreement to halt military operations in the Middle East and reopen the Strait of Hormuz prior to the U.S. midterm elections in November.
Limited progress was made during recent U.S.-Iran talks in New York. Meanwhile, U.S. President Donald Trump rejected a recent proposal put forward by Tehran regarding the reopening of the Strait of Hormuz.
At the same time, it is reported that Trump is considering easing sanctions on Iran and releasing frozen funds, provided that tangible progress is made regarding the nuclear deal.
Meanwhile, Saudi Arabia has reportedly restored oil flow to approximately 3.5 million barrels per day following the completion of repairs on a key oil pipeline that provides an alternative route bypassing the Strait of Hormuz,” the Trading Economics report notes.
