BAKU, Azerbaijan, November 12. The price of Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's Augusta port increased by $1.23, or 1.24%, compared to the previous figure, reaching $100.63 per barrel, oil market participants reported.
The price of Azeri Light crude on a FOB basis at Türkiye's Ceyhan port rose by $1.51, or 1.59%, to $96.64 per barrel.
The price of Urals crude increased by $2.28, or 3.39%, to $69.58 per barrel.
Meanwhile, the price of North Sea Dated Brent crude rose by $2.16, or 2.38%, to $92.72 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price of $65 per barrel.
According to Trading Economics, crude oil (WTI) price approached $85 per barrel on Thursday, November 12.
"Oil prices have started to decline again this week amid a lack of progress in negotiations between the United States and Iran, as both sides seek to prevent further escalation of tensions. A senior Iranian security official has stated that the country will not give up 'even a single atom' of its enriched nuclear material, rejecting one of Washington's key conditions for peace talks. Iran has also reiterated that the United States must lift its sanctions and end its naval blockade before the Strait of Hormuz can be reopened.
Meanwhile, Ukrainian drone attacks have disrupted operations at Russian oil refineries accounting for approximately 30% of the country's total refining capacity since late October. Despite these developments, the price of the US benchmark crude oil remains around 20% below its October peak, amid the resumption of crude oil supplies from the Middle East. Saudi Arabia reported to OPEC that its crude oil production increased by 26% in October, marking one of the highest monthly output levels recorded by the country in recent years," the report said.
