The price of Azerbaijan’s Azeri Light crude rose by $3.88, or 3.17%, to $126.16 a barrel, according to oil market data.
Azeri Light had traded at $122.28 a barrel a day earlier.
December Brent crude futures closed at $118.76 a barrel, putting the Azerbaijani grade at a premium of about $7.40 to Brent.
The current Azeri Light price is nearly double the $65-a-barrel benchmark used in Azerbaijan’s 2026 state budget. Higher prices support the country’s export revenue, although the final effect on the budget also depends on production volumes, shipments and tax receipts.
The oil market remains volatile amid military tensions involving Iran and a series of attacks on commercial vessels in the Strait of Hormuz.
Azeri Light’s record high was $149.66 a barrel in July 2008. Its record low was $15.81 in April 2020.
Source: Vesti Baku. Market figures were also reported by Report.az.