BAKU, Azerbaijan, October 29. The price of Azerbaijani Azeri Light crude oil on a CIF basis at the Italian port of Augusta rose by $2.93, or 2.39%, compared to the previous figure, reaching $125.42 per barrel, oil market participants reported
The price of a barrel of Azeri Light crude on a FOB basis at the Turkish port of Ceyhan rose by $3, or 2.68%, to $115.12.
Urals crude oil rose by $2.21, or 2.45%, compared to the previous figure, reaching $92.21 per barrel.
Dated Brent crude, produced in the North Sea, rose by $1.09, or 0.91%, compared to the previous reading, reaching $120.61 per barrel.
Azerbaijan’s 2026 state budget assumes an average price of $65 per barrel of oil.
According to Trading Economics, the price of oil fell below $102 per barrel on Thursday.
“This led to a partial reversal of the gains made in the previous session, as investors assessed new diplomatic efforts aimed at preventing further escalation of the conflict in the Middle East.
According to reports, U.S. Vice President J.D. Vance contacted Iranian National Security Official Mohsen Rezaei. President Donald Trump confirmed that talks were taking place through intermediaries but stated that their outcome remains uncertain. Iranian Foreign Minister Abbas Araghchi also reiterated that Tehran is open to diplomatic solutions.
Despite falling prices, WTI crude oil has risen by more than 14% this month. This was driven by escalating clashes between Saudi Arabia and the Iran-backed Houthis, as well as ongoing threats to shipping lanes through the Strait of Hormuz.
“Nevertheless, energy supplies from the region are currently approaching pre-war levels,” the report notes.
