BAKU, Azerbaijan, October 8. The price of
Azerbaijan’s Azeri Light crude on a CIF basis at the Italian port
of Augusta increased by $4.51, or 3.7%, from the previous level to
$125.19 per barrel, according to oil market participants.
The price of Azeri Light on a FOB basis at the Turkish port of
Ceyhan rose by $4.68, or 4.3%, to $114.56 per barrel.
The price of Urals crude increased by $3.68, or 4.5%, from the
previous level to $84.64 per barrel.
The price of North Sea Dated Brent rose by $5.18, or 4.2%, to
$129.09 per barrel.
Azerbaijan’s state budget for 2026 assumes an average oil price
of $65 per barrel.
According to the latest data from Trading Economics, Brent crude
prices rose above $102 per barrel on Thursday, recovering losses
from the previous session after reports that the Trump
administration had instructed the Pentagon to develop options for
strikes on Iran that could be carried out before the US midterm
elections.
The decision runs counter to widespread expectations that US
President Donald Trump would refrain from further escalating
tensions with Tehran ahead of the November elections, Trading
Economics said.
“Meanwhile, oil producers in the Gulf of Mexico have suspended
more than 510,000 barrels per day of production, accounting for
about a quarter of the region’s output, due to Tropical Storm
Isaias.
“In the Middle East, oil exports have gradually returned in
recent weeks to levels seen before the war began, but attacks on
tankers in the Strait of Hormuz continue to pose a threat to
supplies.
“Yemen’s Iran-backed Houthis have also attacked targets in Saudi
Arabia, prompting a new wave of strikes by a Riyadh-led coalition
against positions in Yemen,” Trading Economics said.
