Azeri Light oil surges to $141.68 amid global market volatility

The price of Azerbaijani oil grade Azeri Light (CIF) has risen sharply on global markets, increasing by $10.89, or 8.3%, to reach $141.68 per barrel.

The previous price stood at $130.79 per barrel, News.Az reports, citing APA-Economics.

Azerbaijan’s state budget for this year is based on an average oil price of $65 per barrel for Azeri Light crude,

Global oil prices have surged in recent trading amid heightened geopolitical tensions linked to the Iran conflict and disruptions to energy shipping routes through the Strait of Hormuz, a critical chokepoint for global oil flows.

Market volatility has been further driven by fears of supply interruptions in the wider Middle East, contributing to upward pressure on crude benchmarks.

News.Az 

By Emil Kaziyev