Azeri Light surges above $122 as oil markets climb

The price of Azeri Light crude oil has risen sharply, according to market data reported by Trend News Agency, citing a source in the oil market.

The price of Azeri Light on a CIF basis at the Italian port of Augusta increased by $6.43, or 5.5%, compared to the previous level, reaching $122.32 per barrel.

At the same time, the price of Azeri Light on an FOB basis at the Turkish port of Ceyhan rose by $6.33, or 5.6%, to $119.02 per barrel.

Other benchmark grades also recorded significant gains. The price of Urals crude oil increased by $6.27, or 6.8%, reaching $98.32 per barrel.

Meanwhile, Dated Brent crude oil rose by $6.52, or 5.6%, to $122.94 per barrel.

Despite the current surge, the state budget of Azerbaijan for 2026 is based on an average oil price of $65 per barrel.

By Tamilla Hasanova