BAKU, Azerbaijan, September 25. The price of Azerbaijan’s Azeri Light crude on a CIF basis at the Italian port of Augusta increased by $4.25, or 3.7%, compared with the previous figure, to $125.94 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 $4.54, or 4%, to $119.26 per barrel.
The price of URALS crude rose by $5.49 or 6.6%, compared with the previous figure, to $88.36 per barrel.
Meanwhile, the price of North Sea Dated Brent declined by $5.66, or 4.7%, to $125.52 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 approached $93 per barrel on Friday. Reportingly, this halted the oil price's two-day rise.
"This was driven by reports that the U.S. and Iran are considering a phased agreement that could allow for the opening of the Strait of Hormuz and the lifting of the U.S. blockade on Iranian ports.
Efforts to reach an agreement between the parties are underway on the sidelines of the UN General Assembly. Qatari officials are mediating the talks.
Iran maintains that it must retain control over the Strait of Hormuz and emphasizes that it will not accept an agreement unless the US reduces military pressure and lifts the blockade.
Meanwhile, a White House official stated that U.S. President Donald Trump remains open to negotiations with Iran. However, the official noted that the U.S. is in a strong position following its sanctions campaign and blockade, and doesn’t have a pressing need for negotiations.
Tensions in the Middle East have also escalated. Iran-aligned Houthi rebels in Yemen have fired missiles at various Saudi Arabian cities, including Yanbu and Taif.
Despite the recent increases, the price of crude oil—the U.S. benchmark—is expected to fall by approximately 2% over the week," the Trading Economics report notes.
