BAKU, Azerbaijan, October 8. The price of Azerbaijan’s Azeri Light crude on a CIF basis at the Italian port of Augusta increased by $4.51, or 3.7%, from the previous level to $125.19 per barrel, according to oil market participants.
The price of Azeri Light on a FOB basis at the Turkish port of Ceyhan rose by $4.68, or 4.3%, to $114.56 per barrel.
The price of Urals crude increased by $3.68, or 4.5%, from the previous level to $84.64 per barrel.
The price of North Sea Dated Brent rose by $5.18, or 4.2%, to $129.09 per barrel.
Azerbaijan’s state budget for 2026 assumes an average oil price of $65 per barrel.
According to the latest data from Trading Economics, Brent crude prices rose above $102 per barrel on Thursday, recovering losses from the previous session after reports that the Trump administration had instructed the Pentagon to develop options for strikes on Iran that could be carried out before the US midterm elections.
The decision runs counter to widespread expectations that US President Donald Trump would refrain from further escalating tensions with Tehran ahead of the November elections, Trading Economics said.
"Meanwhile, oil producers in the Gulf of Mexico have suspended more than 510,000 barrels per day of production, accounting for about a quarter of the region’s output, due to Tropical Storm Isaias.
"In the Middle East, oil exports have gradually returned in recent weeks to levels seen before the war began, but attacks on tankers in the Strait of Hormuz continue to pose a threat to supplies.
"Yemen’s Iran-backed Houthis have also attacked targets in Saudi Arabia, prompting a new wave of strikes by a Riyadh-led coalition against positions in Yemen," Trading Economics said.
