BAKU, Azerbaijan, September 23. The price of Azerbaijan’s Azeri Light crude on a CIF basis at the Italian port of Augusta increased by $0.91, or 0.78%, compared with the previous figure, to $117.74 per barrel.
According to information from oil market participants, the price of Azeri Light on a FOB basis at the Turkish port of Ceyhan rose by $0.92, or 0.84%, to $111.01 per barrel.
The price of URALS crude rose by $0.2, or 0.25%, compared with the previous figure, to $78.79 per barrel.
Meanwhile, the price of North Sea Dated Brent declined by $1.98, or 1.67%, to $116.43 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price assumption of $65 per barrel.
According to the latest data from Trading Economics, on Wednesday, the price of crude oil approached the $89-per-barrel mark. Prices fell for the sixth consecutive session amid signs of progress in U.S.-Iran talks and ongoing efforts to restore operations at a key oil pipeline in Saudi Arabia.
U.S. President Donald Trump described a meeting with Iranian representatives as "very productive." He stated that he faced a choice between seeking a negotiated agreement and "annihilating the Islamic Republic." Trump is also expected to meet with leaders from other Persian Gulf nations later this week.
A senior Iranian government official stated that Tehran's proposal had been conveyed to the U.S. According to the official, Tehran is prepared to reopen the Strait of Hormuz within seven days if Washington takes steps to lift the blockade that severely restricts Iran's oil exports.
Meanwhile, Saudi Arabia is working to resume exports via the vital East-West oil pipeline in the coming days. This will allow Riyadh to once again utilize an alternative route that bypasses the Strait of Hormuz.," reports Trading Economics.
