BAKU, Azerbaijan, October 2. The price of Azerbaijan’s Azeri Light crude on a CIF basis at Italy’s Augusta port increased by $5.5, or 4.61%, from the previous level to $124.76 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 moved up by $5.04, or 4.49%, to $117.33 per barrel.
The price of Urals crude increased by $5.64, or 6.91%, from the previous level to $85.54 per barrel.
The price of North Sea Dated Brent crude declined by $6,67, or 5,54%, to $127.11 per barrel.
Azerbaijan’s state budget for 2026 is based on an average oil price of $65 per barrel.
According to Trading Economics, the price of a barrel of crude oil was around $93 on Friday.
“Oil prices remain stable after two consecutive sessions of gains, as the U.S. considers sending another aircraft carrier to the Middle East, raising the likelihood of a larger-scale war with Iran and further disruptions to energy supplies from the region.
The Pentagon is also considering sending up to 10,000 sailors and Marines to the Persian Gulf, which could give U.S. President Donald Trump additional options should he decide to intensify attacks on Iran.
Trump reportedly told his aides that he expects bombing raids on Iran to resume after the midterm elections in November.
The renewed tensions come as oil flows from the Middle East have largely returned to pre-war levels. However, markets are skeptical that this recovery will be sustainable without a long-term agreement to end the conflict.
“At least three tankers were attacked this week while passing through the Strait of Hormuz. Iran and its Houthi allies have also carried out strikes on oil refineries in various parts of the region,” the report states.
