Azerbaijan's flagship crude nears $100

The price of Azerbaijan's flagship Azeri Light crude has climbed to nearly $99 a barrel, following a sharp rise in global oil markets.

Azeri Light gained $4.82, or 5.13%, to reach $98.73 per barrel, Caliber.Az reports, citing local media.

Meanwhile, Brent crude for September delivery settled at $92.19 per barrel.

The price of Azeri Light exported via the Turkish port of Ceyhan on FOB terms also rose by $4.82, or 5.36%, to $94.81 per barrel.

Azerbaijan's 2026 state budget is based on an assumed oil price of $65 per barrel, meaning current market prices remain well above the government's benchmark.

Azeri Light fell to a record low of $15.81 per barrel on April 21, 2020, during the COVID-19 pandemic, while its record high of $149.66 per barrel was recorded in July 2008.

By Aghakazim Guliyev