BAKU, Azerbaijan, September 18. The CIF price of Azerbaijan's Azeri Light crude at Italy's Augusta port decreased by $1.07, or 0.88%, from the previous level to $121.08 per barrel.
FOB price of Azeri Light crude at Ceyhan port in Türkiye went down by $1.12, or 0.96%, to $115.50 per barrel.
The price of Urals crude dropped by $3.49, or 3.98%, from the previous level to $84.21 per barrel.
Meanwhile, the price of North Sea "Dated Brent" crude fell by $0.99, or 0.78%, to $125.47 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 Friday, the price of crude oil fell for the third consecutive session, retreating toward the $101-per-barrel mark. This decline was attributed to easing concerns regarding supply disruptions in the Middle East, as well as growing hopes for renewed diplomatic efforts to end the conflict and restore energy flows.
"Saudi Arabia aims to restore approximately half of the East-West oil pipeline's capacity within a few days, with full operational capacity expected to be restored within six weeks. In the meantime, the Kingdom is rerouting a portion of its crude oil exports via the Strait of Hormuz.
To achieve this, specialized vessels transport crude oil through the Strait of Hormuz and transfer it to tankers waiting outside the strait. This method minimizes the risk of tankers being exposed to potential Iranian attacks.
Reportedly, following a request from Saudi Arabia, China has urged Iran to help curb the activities of Houthi militants. This appeal comes at a time when the Houthis have intensified their attacks on Saudi Arabia's energy infrastructure.
Meanwhile, President Donald Trump has stated that he is considering whether to resume attacks against Iran ahead of a meeting with Gulf state leaders in New York next week," reports Trading Economics.
