BAKU, Azerbaijan, November 11. The price of Azerbaijan's Azeri Light crude oil on a CIF basis at the Italian port of Augusta decreased by $1.5, or 1.49%, compared to the previous figure, to $99.40 per barrel, a source in the oil market told Trend.
The price of one barrel of Azeri Light crude oil on an FOB basis at the Turkish port of Ceyhan dropped by $1.05, or 1.09%, to $95.13.
The price of Urals crude oil fell by $1.13, or 1.65%, compared to the previous figure, to $67.30 per barrel.
The price of Dated Brent crude oil, produced in the North Sea, declined by $1.2, or 1.31%, to $90.56 per barrel.
Azerbaijan’s 2026 state budget assumes an average price of $65 per barrel of oil.
According to Trading Economics, the price of crude oil on the global market stabilized above $86 per barrel on Wednesday, November 11.
"Nevertheless, amid signs of easing tensions between the US and Iran, prices have remained near their lowest levels in 11 weeks.
US President Donald Trump has indicated that further military strikes against Iran may not be necessary. This statement has boosted optimism regarding the possibility of a diplomatic resolution to the conflict.
Meanwhile, Democrats in Congress are considering leveraging an upcoming deadline for government funding to pressure the Trump administration toward ending the conflict.
Furthermore, although attacks on vessels in the Strait of Hormuz have persisted, oil shipments from the Middle East have largely returned to pre-conflict levels.
However, uncertainty remains, as Iran has demanded the lifting of US sanctions and the naval blockade as a precondition for agreeing to peace talks.
The price of West Texas Intermediate (WTI) crude oil, the primary US benchmark, has fallen by approximately 20% from its peak at the end of October. Driven by growing expectations that tensions will subside and the resumption of oil exports from the region, prices have lost a large part of the growth from that period," the report noted.
