Azerbaijan Azeri Light crude prices rise amid geopolitical shifts

Prices for Azerbaijan’s Azeri Light crude oil have seen significant increases. At the Italian port of Augusta, the CIF basis price rose to $121.43 per barrel, representing a 3.13% increase. In the Turkish port of Ceyhan, the FOB basis price reached $114.72 per barrel, up 3.34%.

These fluctuations occur against a backdrop of complex geopolitical developments. While US-Iran negotiations show signs of progress, Iranian President Masoud Pezeshkian stated at the UN General Assembly that Tehran will not renounce its nuclear technology rights and will restrict navigation in the Strait of Hormuz as long as US sanctions and blockades remain.

In the United States, Energy Secretary Chris Wright noted that the Trump administration is working with refiners toward a voluntary reduction in diesel fuel exports. Additionally, Saudi Arabia is working to resume oil exports via its East-West pipeline, and Ukrainian President Volodymyr Zelenskyy has discussed ceasefire issues regarding energy facilities with President Donald Trump.