BAKU, Azerbaijan, October 23.
The price of Azerbaijan's Azeri Light crude oil on a CIF basis at
Italy's Augusta port grew by $2.25, or 1.88%, compared with the
previous figure, reaching $121.95 per barrel, oil market
participants reported.
Meanwhile, the price of Azeri Light on an FOB basis at Türkiye's
Ceyhan port rose by $2.24, or 2.05%, to $111.35 per barrel.
The price of Urals crude rose by $2.54, or 2.88%, to $90.85 per
barrel. Dated Brent crude from the North Sea increased by $2.65, or
2.21%, to $122.44 per barrel.
Azerbaijan's state budget for 2026 is based on an average oil
price of $65 per barrel.
According to Trading Economics, the price of crude oil has
exceeded $100 per barrel on Friday.
“The intensification of attacks by the Houthis in Yemen against
Saudi Arabia, combined with reports that the U.S. might launch new
strikes against Iran, has heightened risks regarding oil supplies
in the Middle East. Consequently, oil prices have approached their
highest levels in five weeks.
The Iranian-backed Houthis have claimed responsibility for
recent attacks on the Saudi port of Yanbu, located on the Red Sea
coast, as well as for deadly strikes targeting an oil field and an
airport belonging to the world’s largest crude oil exporter.
Furthermore, it is reported that U.S. and Israeli military
planners are developing strategies for potential new strikes
against Iran, to be carried out following the upcoming midterm
election. Iran’s energy infrastructure could be a primary target in
such operations.
Despite rising regional tensions and threats to shipping passing
through the Strait of Hormuz, crude oil exports from the Persian
Gulf have returned to levels near those seen before the war.
Meanwhile, in Europe, Ukraine has intensified its attacks on
Russian oil refineries this week. This development comes against
the backdrop of an agreement between the U.S. and Russia concerning
the supply of diesel fuel,” the report said.
