BAKU, Azerbaijan, October 14. The price of Azerbaijan's Azeri Light crude fell by $3.75, or 2.85%, from the previous level to $127.87 per barrel on a CIF basis at Italy's Augusta port, a source in the oil market told TurkicWorld.
On an FOB basis at Türkiye's Ceyhan port, Azeri Light crude fell by $4.19, or 3.47%, to $116.51 per barrel.
The price of Urals crude declined by $3.48, or 3.9%, to $85.78 per barrel. North Sea Dated Brent crude fell by $3.73, or 2.78%, to $130.52 per barrel.
Azerbaijan's state budget for 2026 is based on an average oil price of $65 per barrel.
According to Trading Economics, crude oil prices approached $95 per barrel on Wednesday.
"Oil prices had risen for five consecutive sessions amid escalating military tensions between Saudi Arabia and Iran-backed Houthi rebels, raising concerns about potential disruptions to oil supplies from the Middle East.
On Tuesday, Yemen's Houthis launched a missile strike on Saudi Aramco's headquarters in Dhahran, eastern Saudi Arabia, setting part of the complex on fire. The Houthis also targeted Riyadh's main airport over the weekend. Meanwhile, a Saudi-led coalition launched an offensive to retake areas of Yemen held by the rebels.
Tehran has also intensified attacks on tankers passing through the Strait of Hormuz. However, the United States said it had facilitated the transport of more than 19 million barrels of crude oil through the strategically important waterway.
In Europe, US President Donald Trump defended an agreement with Russia on diesel fuel exports, saying additional supplies would enter the global market and help bring down elevated prices," the Trading Economics noted.
