Oil&Gas News 20 October 2026 10:50 (UTC +04:00)
Photo: SOCAR AQS
BAKU, Azerbaijan, October 20. The price of Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's Augusta port rose by $2.27, or 1.95%, from the previous level to $118.53 per barrel, a source in the oil market told Trend.
The source said that the price of Azeri Light crude on a FOB basis at Türkiye's Ceyhan port decreased by $2.25, or 2.13%, to $107.67 per barrel.
The price of Urals crude grew by $3.29, or 4%, to $85.61 per barrel. The price of North Sea Dated Brent crude increased by $1.02, or 0.87%, to $117.61 per barrel.
Azerbaijan's state budget for 2026 is based on an average oil price of $65 per barrel.
According to Trading Economics, on Tuesday, the price of crude oil approached $99 per barrel, reaching its highest level in a month against the backdrop of escalating conflicts in the Middle East and Eastern Europe.
"This situation has overshadowed signs of robust energy supplies from the Persian Gulf.
Iran has declared that it maintains control over the Strait of Hormuz. Maritime authorities have reported several attacks on commercial vessels. Meanwhile, Saudi Arabia and the Iranian-backed Houthis in Yemen have exchanged strikes. At the same time, Russia and Ukraine have resumed attacks on energy infrastructure.
Furthermore, U.S. Secretary of Energy Chris Wright stated that oil supplies from the Persian Gulf have recovered to approximately 80% of pre-war levels. However, the supply of refined petroleum products remains limited.
The Trump administration is also permitting the sale of oil tankers currently under sanctions, allowing them to legally transport crude oil. It’s estimated that there are approximately 1,600 such vessels—a 'shadow fleet' operating globally and used to circumvent sanctions," the Trading Economics report noted.