BAKU, Azerbaijan, September 24. The price of Azerbaijan’s Azeri Light crude on a CIF basis at the Italian port of Augusta increased by $3.69, or 3.13%, compared with the previous figure, to $121.43 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 $3.71, or 3.34%, to $114.72 per barrel.
The price of URALS crude rose by $4,08 or 5.18%, compared with the previous figure, to $82.87 per barrel.
Meanwhile, the price of North Sea Dated Brent declined by $3.43, or 2.95%, to $119.86 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price assumption of $65 per barrel.
According to Trading Economics, the price of crude oil fell below $92 per barrel on Thursday. This reportedly occurred amid growing uncertainty surrounding negotiations between the U.S. and Iran, which led to a partial reversal of the gains made during the previous trading session.
Iranian President Masoud Pezeshkian stated in his address to the UN General Assembly that Tehran will not back down in the face of threats. He noted that Iran will not renounce its right to develop nuclear technology for economic development.
Pezeshkian also stated that Iran will not allow freedom of navigation in the Strait of Hormuz as long as U.S. sanctions and the blockade remain in place.
In the U.S., Energy Secretary Chris Wright stated that, rather than imposing an official ban on diesel fuel exports, the Donald Trump administration is working with American oil refiners to achieve a voluntary reduction in diesel fuel exports.
Meanwhile, Saudi Arabia is taking steps to resume oil exports via the important East-West pipeline.
Ukrainian President Volodymyr Zelenskyy also stated that he discussed with President Donald Trump the issue of a ceasefire regarding energy facilities.
