BAKU, Azerbaijan, September
25. The price of Azerbaijan’s Azeri Light crude
on a CIF basis at the Italian port of Augusta increased by $4.25,
or 3.7%, compared with the previous figure, to $125.94 per
barrel.
According to information from oil market participants, the price
of Azeri Light on a FOB basis at the Turkish port of Ceyhan rose by
$4.54, or 4%, to $119.26 per barrel.
The price of URALS crude rose by $5.49 or 6.6%, compared with
the previous figure, to $88.36 per barrel.
Meanwhile, the price of North Sea Dated Brent declined by $5.66,
or 4.7%, to $125.52 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price
assumption of $65 per barrel.
According to Trading Economics, the price of crude oil
approached $93 per barrel on Friday. Reportingly, this halted the
oil price's two-day rise.
“This was driven by reports that the U.S. and Iran are
considering a phased agreement that could allow for the opening of
the Strait of Hormuz and the lifting of the U.S. blockade on
Iranian ports.
Efforts to reach an agreement between the parties are underway
on the sidelines of the UN General Assembly. Qatari officials are
mediating the talks.
Iran maintains that it must retain control over the Strait of
Hormuz and emphasizes that it will not accept an agreement unless
the US reduces military pressure and lifts the blockade.
Meanwhile, a White House official stated that U.S. President
Donald Trump remains open to negotiations with Iran. However, the
official noted that the U.S. is in a strong position following its
sanctions campaign and blockade, and doesn’t have a pressing need
for negotiations.
Tensions in the Middle East have also escalated. Iran-aligned
Houthi rebels in Yemen have fired missiles at various Saudi Arabian
cities, including Yanbu and Taif.
Despite the recent increases, the price of crude oil—the U.S.
benchmark—is expected to fall by approximately 2% over the week,”
the Trading Economics report notes.
