Economy News 21 October 2026 10:23 (UTC +04:00)
BAKU, Azerbaijan, October 21. The price of Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's Augusta port increased by $1.15, or 0.97%, from the previous level to $119.68 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 grew by $1.54, or 1.43%, to $109.21 per barrel.
The price of Urals crude rose by $1.84, or 2.15%, to $87.45 per barrel. The price of North Sea Dated Brent crude increased by $0.52, or 0.44%, to $118.13 per barrel.
Azerbaijan's state budget for 2026 is based on an average oil price of $65 per barrel.
According to Trading Economics, on Wednesday, the price of a barrel of crude oil rose to approximately $99, resuming its upward trend.
"Investors are weighing conflicting reports regarding diplomatic progress between the U.S. and Iran.
Prices fell sharply on Tuesday following a meeting in Tehran between Pakistan’s army chief, General Asim Munir, and senior Iranian diplomatic and military officials. The discussions covered bilateral relations and the status of negotiations with Washington.
However, a diplomat involved in the talks denied reports that an agreement was imminent, confirming instead that efforts to resolve the conflict are ongoing.
The intensification of military confrontations, involving Saudi Arabia and the Iran-backed Houthis, as well as Russia and Ukraine, has heightened supply risks. Consequently, oil prices have risen by more than 10% this month.
Over the past two weeks, at least 18 vessels have also come under attack in the Strait of Hormuz. Nevertheless, despite these existing risks, the flow of oil from the Middle East has recovered to approximately 80% of pre-war levels," the Trading Economics report noted.