BAKU, Azerbaijan, October 28. The price of Azerbaijani “Azeri Light” crude oil on a CIF basis at the Italian port of Augusta declined by $5.11, or 4%, compared to the previous figure, standing at $122.49 per barrel, oil market participants reported.
The price of a barrel of “Azeri Light” crude on FOB terms at the Turkish port of Ceyhan dropped by $4.28, or 3.68%, to $112.12.
Urals crude oil decreased by $5.83, or 6.08%, compared to the previous figure, to $90 per barrel.
Dated Brent crude, produced in the North Sea, fell by $8.45, or 6.6%, to $119.52 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 $101 on Wednesday.
“With this, oil prices halted a decline that had persisted for two sessions. This was driven by reports that the U.S., following its midterm elections, had reached out to Persian Gulf nations regarding preparations for potential new military operations against Iran.
Investors also closely monitored the election results in Israel, which could influence the course of the conflict in the Middle East. According to preliminary polls, Prime Minister Benjamin Netanyahu and opposition leader Gadi Eisenkot held roughly equal levels of support, while the vote count remained ongoing.
During the election campaign, Eisenkot presented himself as a more moderate alternative to Netanyahu. He emphasized the importance of preventing Iran from developing a nuclear program, noting that this could be achieved through military intervention should the need arise. At the same time, he characterized regime change in Iran as an "unachievable goal."
Meanwhile, U.S. crude oil inventories fell by approximately 2 million barrels during the week ending October 23, a development that points to a tightening of oil supply,” the report states.
