Azeri Light rises 3.8% to $126.59 per barrel on CIF basis at Augusta

Photo: SOCAR AQS

BAKU, Azerbaijan, October 24. The price of Azerbaijani “Azeri Light” crude oil on a CIF basis at the Italian port of Augusta rose by $4.64, or 3.8%, compared to the previous figure, reaching $126.59 per barrel, oil market participants reported.

The price of a barrel of “Azeri Light” crude on FOB terms at the Turkish port of Ceyhan rose by $3.54, or 3.18%, to $114.89.

Ural crude oil rose by $4.18, or 4.6%, compared to the previous figure, reaching $95.03 per barrel.

Dated Brent crude, produced in the North Sea, rose by $4.25, or 3.47%, to $126.69 per barrel.

Azerbaijan’s 2026 state budget estimates the average price of a barrel of oil at $65.

According to “Trading Economics,” the price of a barrel of crude oil exceeded $103 on Friday. “This was driven by growing expectations that the U.S. may resume strikes against Iran in the coming weeks.”

U.S. President Donald Trump stated on Wednesday that Washington is not negotiating with Tehran and that certain events will take place “very soon.” According to media reports, the U.S. and Israel are planning new strikes against Iran after the midterm elections, which will take place in November.

Meanwhile, the commander-in-chief of the Iranian army stated that, following the buildup of the country’s military capabilities, the army is fully prepared for “asymmetric warfare.”

The Houthis, who are allied with Iran, continue their attacks on Saudi Arabia. This prompted the U.S. State Department to instruct non-essential personnel to leave the country.

Following a series of attacks, the oil giant Saudi Aramco also instructed employees to leave its headquarters in Dhahran and switch to remote work.

“Over the past week, the price of crude oil has risen by more than 1.5%,” the report states.