Azerbaijan News 16 October 2026 10:32 (UTC +04:00)
Photo: SOCAR AQS
BAKU, Azerbaijan, October 16. The price of Azerbaijani Azeri Light crude oil on a CIF basis at the Italian port of Augusta fell by $5.1, or 4.1%, compared to the previous figure, reaching $119.04 per barrel, a source in the oil market told Trend.
According to the information, the FOB price of a barrel of Azeri Light crude at the Turkish port of Ceyhan fell by $4.3, or 3.8%, to $108.49.
The price of Urals crude oil fell by $0.05, or 0.1%, compared to the previous figure, reaching $83.40 per barrel.
The price of a barrel of Dated Brent crude, produced in the North Sea, fell by $1.57, or 1.2%, compared to the previous figure, reaching $125.98 per barrel.
Azerbaijan’s 2026 state budget assumes an average oil price of $65 per barrel.
According to the latest data from Trading Economics, the price of Brent crude exceeded $105 per barrel on Friday, and by the end of the week it was trending upward amid growing concerns about disruptions to oil supplies from the Middle East.
"U.S. Central Command confirmed that a Singapore-flagged container ship that sank in the Strait of Hormuz earlier this week was struck by an Iranian missile. This heightened uncertainty regarding the resumption of physical oil shipments and led to a record increase in tanker freight rates.
Rising tensions between Saudi Arabia and the Iran-backed Houthi forces in Yemen have also heightened the risk of supply disruptions.
Meanwhile, the International Energy Agency (IEA) agreed to begin releasing the remaining 100 million barrels of oil as part of a coordinated intervention launched in March, following lobbying efforts by U.S. officials.
In addition, data from the U.S. Energy Information Administration (EIA) showed that the country’s crude oil inventories fell by 8.6 million barrels last week. This was the most significant decline since February,” according to Trading Economics.
In addition, it is noted that Brent crude performed worse than WTI this week, as the decline in the cost of transporting U.S. crude boosted demand for it.