BAKU, Azerbaijan, October 9. The price of
Azerbaijan’s Azeri Light crude on a CIF basis at the Italian port
of Augusta increased by $8.09, or 6.4%, from the previous level to
$133.23 per barrel, according to oil market participants.
The price of Azeri Light on a FOB basis at the Turkish port of
Ceyhan rose by $7.83, or 6.8%, to $122.39 per barrel.
The price of Urals crude increased by $6.81, or 8.1%, to $91.45
per barrel.
The price of North Sea Dated Brent rose by $6.65, or 5.2%, to
$135.74 per barrel.
Azerbaijan’s state budget for 2026 assumes an average oil price
of $65 per barrel.
According to Trading Economics, Brent crude fell to around $103
per barrel on Friday, paring gains from the previous session after
U.S. President Donald Trump said on social media that Washington
was holding “productive discussions” with Iran and would refrain
from attacking the country before the U.S. midterm elections.
Trump also claimed that record volumes of oil were passing
through the Strait of Hormuz, while emphasizing that the U.S. naval
blockade of Iranian ports would remain fully in effect.
However, later reports indicated that the U.S. had prepared
plans for three days of strikes against Iran, targeting drone and
missile stockpiles, energy infrastructure, and other facilities,
Trading Economics reported.
On Thursday, Brent crude prices surged by as much as 5.7% amid
escalating Iranian attacks on tankers transiting the Strait of
Hormuz. Nine vessels were reportedly attacked over the preceding
week, according to Trading Economics.
Meanwhile, Hurricane Isaias is threatening offshore oil
production in the Gulf of Mexico, prompting producers to shut in
approximately 1.3 million barrels of crude oil output per day,
Trading Economics reported.
