BAKU, Azerbaijan, October 30. The price of Azerbaijani Azeri Light crude oil on a CIF basis at the Italian port of Augusta decreased by $3.14, or 2.5%, compared to the previous figure, to $122.28 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 fell by $2.74, or 2.38%, to $112.38.
Urals crude oil fell by $3.86, or 4.19%, compared to the previous figure, to $88.35 per barrel.
Dated Brent crude, produced in the North Sea, declined by $5.79, or 4.8%, compared to the previous reading, to $114.82 per barrel.
Azerbaijan’s 2026 state budget assumes an average price of $65 per barrel of oil.
According to Trading Economics, the price of crude oil on the global market surpassed $103 per barrel, reaching its highest level in the last six weeks on Friday.
“This has been driven by concerns that the U.S. might once again subject Iran to military strikes. It is reported that a high-ranking military commander has briefed U.S. President Donald Trump on potential military operation options.
Trump has repeatedly warned that airstrikes against Tehran could resume following the midterm elections taking place next week. Meanwhile, Iranian officials have confirmed that U.S. Vice President J.D. Vance sent a letter aimed at resuming peace negotiations.
The price of WTI, the primary U.S. oil benchmark, rose by more than 10% in October against the backdrop of the ongoing U.S.-Iran conflict. At the same time, the intensity of clashes between Saudi Arabia and the Iranian-backed Houthis has also increased.
Risks to shipping in the Strait of Hormuz remain high, and oil tankers continue to be targeted. Nevertheless, crude oil exports from the region have approached pre-war levels. Producers continue to transport oil shipments through this strategically vital waterway, while maintaining limited disclosure regarding these movements,” the report notes.
