BAKU, Azerbaijan, October 27. The price of Azerbaijani “Azeri Light” crude oil on a CIF basis at the Italian port of Augusta grew by $1.01, or 0.8%, compared to the previous figure, reaching $127.60 per barrel, oil market participants reported.
The price of a barrel of “Azeri Light” crude on FOB terms at the Turkish port of Ceyhan rose by $1.51, or 1.31%, to $116.40.
Urals crude oil increased by $0.8, or 0.84%, compared to the previous figure, reaching $95.83 per barrel.
Dated Brent crude, produced in the North Sea, rose by $1.28, or 1.01%, to $127.97 per barrel.
Azerbaijan’s 2026 state budget estimates the average price of a barrel of oil at $65.
According to “Trading Economics,” the price of a barrel of crude oil decreased by $101 on Tuesday.
“Oil prices fell for the second consecutive session amid a renewed intensification of diplomatic efforts in the Middle East and growing hopes of preventing the U.S.-Iran conflict from escalating on a larger scale.
According to reports, high-ranking officials from Saudi Arabia, Pakistan, and Türkiye met with senior Iranian representatives on Monday, aiming to de-escalate tensions and resume talks intended to prevent further U.S.-Israeli attacks against Iran.
These discussions took place approximately one week before the U.S. midterm election. Following a months-long stalemate in negotiations, President Donald Trump has repeatedly suggested that military strikes against Iran could be back on the table.
Meanwhile, Saudi-led forces continue to engage in combat against the Iranian-backed Houthis. Furthermore, reports indicate that Hezbollah, which receives financial support from Iran, is also preparing for a potential regional conflict in Lebanon. While crude oil supplies are approaching pre-war levels, these ongoing tensions continue to pose risks to oil supplies from the Middle East,” the report states.
