BAKU, Azerbaijan, November 4. The price of Azerbaijani Azeri Light crude oil on a CIF basis at the Italian port of Augusta decreased by $3.05, or 2.6%, compared to the previous figure, to $113.45 per barrel, oil market participants reported.
The price of a barrel of Azeri Light crude on a FOB basis at the Turkish port of Ceyhan fell by $2.4, or 2.2%, to $105.65.
Urals crude oil dropped by $3.2, or 3.9%, compared to the previous figure, to $79.58 per barrel.
Dated Brent crude, produced in the North Sea, declined by $3.3, or 3%, compared to the previous reading, to $105.19 per barrel.
Azerbaijan’s 2026 state budget assumes an average price of $65 per barrel of oil.
According to Trading Economics, the price of Brent crude oil fell below $103 per barrel on Wednesday, continuing its decline this week as investors assessed the potential outcomes of ongoing peace talks between the U.S. and Iran.
"A spokesperson for the Qatari Ministry of Foreign Affairs stated that both nations are reviewing new proposals put forward by mediators to resolve their differences. Meanwhile, the head of Iran’s Supreme National Security Council noted in a social media post that Washington’s response remains unsatisfactory.
Earlier this week, the U.S. also carried out strikes against Iran as part of defensive operations, targeting anti-aircraft missile systems that had been used against American facilities. However, the limited scale of these strikes suggests there is no immediate prospect of a return to large-scale military conflict," Trading Economics reports.
The report notes that the international oil benchmark has dropped by nearly 10% since the beginning of the week.
"Prices are under pressure due to hopes for a potential diplomatic breakthrough, as well as signs of a recovery in oil exports from Middle Eastern countries," the report adds.
