Azeri Light prices top 140$ as oil rally accelerates

Global oil prices recorded a sharp increase during recent trading sessions, with key benchmarks posting significant gains across major exchanges, AzerNEWS reports.

On the ICE in London, the price of Brent crude for June 2026 delivery rose by 7.78% to $109.03 per barrel.

Meanwhile, on the New York Mercantile Exchange (NYMEX), the price of WTI crude for May 2026 delivery increased by 11.42%.

Azerbaijan’s flagship Azeri Light also saw strong gains. Its CIF price at the Italian port of Augusta climbed by $10.89, or 8.3%, reaching $141.68 per barrel. On an FOB basis at the Turkish port of Ceyhan, the price rose by $11.07, or 8.9%, to $135.15 per barrel.

Other benchmarks followed a similar trend. Urals crude increased by $12.19, or 12.46%, to $110.04 per barrel, while Dated Brent rose by $12.91, or 10.05%, reaching $141.37 per barrel.

Despite the surge in global oil prices, Azerbaijan’s 2026 state budget is based on a more conservative average oil price assumption of $65 per barrel, highlighting a cautious fiscal approach amid ongoing market volatility.