BAKU, Azerbaijan, November 5. The price of Azerbaijan's Azeri Light crude oil fell by $6.64, or 5.85%, to $106.81 per barrel on a CIF basis at Italy's Augusta port, compared with the previous price, a source in the oil market told Trend.
At Türkiye's Ceyhan port, the price of Azeri Light declined by $5.75, or 5.44%, to $99.90 per barrel on a FOB basis.
The price of Russia's Urals crude fell by $6.63, or 8.33%, to $72.95 per barrel.
North Sea Dated Brent crude dropped by $9.03, or 8.58%, to $96.16 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price of $65 per barrel.
According to Trading Economics, crude oil prices continued to decline on Thursday, with prices falling below $87 per barrel and approaching a one-month low following a drop of more than 8% in the previous session.
"The decline in prices is attributed to expectations that Democratic gains in the US midterm elections, which would give the party greater influence in Congress, will increase pressure on the Trump administration to end the war with Iran," the analysts noted in latest report.
"President Donald Trump has acknowledged that the conflict with Iran was one of the main factors behind Republican losses in the elections, also citing rising gasoline prices as a significant contributing factor. However, he said that there were no plans to intensify military strikes against Iran in the near future.
"The Democratic-controlled Congress is expected to be able to restrict funding for military operations in the Middle East. Meanwhile, Senate Minority Leader Chuck Schumer has pledged to put forward initiatives aimed at ending the conflict.
"At the same time, crude oil exports from the Persian Gulf have begun to recover, with supply reportedly exceeding near-term demand. Overall, the price of WTI, the main US crude benchmark, has fallen by approximately 16% so far this week," the report by Trading Economics said.
