BAKU, Azerbaijan, October 7. The price of Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's Augusta port decreased by $3.93, or 3.15%, from the previous figure to $120.68 per barrel, a source in the oil market said.
Meanwhile, the price of one barrel of Azeri Light on a FOB basis at Türkiye's Ceyhan port dropped by $3.93, or 3.45%, to $109.88.
The price of URALS crude oil fell by $5.04, or 5.86%, from the previous figure to $80.96 per barrel.
The price of one barrel of Dated Brent crude oil produced in the North Sea declined by $4.45, or 3.47%, to $123.91.
The average oil price in Azerbaijan's state budget for 2026 is set at $65 per barrel.
According to the latest data from Trading Economics, on Wednesday, the price of crude oil rose above $90 per barrel, recovering from a five-week low. This was reportedly driven by persistent risks regarding energy flows in the Middle East outweighing signs of rising supply in the region. Iran has intensified attacks on tankers in the Strait of Hormuz in recent days. According to the UK Maritime Trade Operations, nine such incidents have been recorded so far this month. Meanwhile, the Saudi-led coalition announced that it had intercepted and destroyed a ballistic missile launched by the Houthis toward the Saudi city of Khamis Mushait.
Despite recent events, oil prices have remained low throughout the week. This is influenced by signs that energy flows from the Persian Gulf are resuming. Tankers continue to transit the Strait of Hormuz cautiously, notwithstanding the heightened risks. Saudi Arabia's East-West oil pipeline has also restored its crude oil transport capacity to 5.8 million barrels per day.
Industry data from the U.S. showed a 2.1-million-barrel decline in the country's crude oil inventories last week. Official figures are expected to be released today," Trading Economics notes.
