Oil&Gas News 23 October 2026 11:19 (UTC +04:00)
Photo: SOCAR AQS
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.