Azerbaijani Oil Prices Plummet Amid Ongoing Middle Eastern Tensions

The price of Azerbaijan's Azeri Light crude oil has declined to $124.01 per barrel on a CIF basis at Italy's Augusta port, down by $0.75 or 0.6% from the previous figure.

This is according to a source in the oil market who spoke with Trend. The price of one barrel of Azeri Light on a FOB basis at Türkiye's Ceyhan port has also decreased by $2.59, or 2.2%, to $114.74.

The decline comes as global oil prices remain volatile amid ongoing tensions in the Middle East. The price of URALS crude oil has decreased by $1.37, or 1.6%, from the previous figure to $85.85 per barrel.