The price of Azerbaijan's flagship Azeri Light crude oil jumped sharply on global markets, rising $1.95 (2.64%) to reach $75.66 per barrel.

The price of Azeri Light delivered from Türkiye's Ceyhan port under FOB terms also increased by $1.79 (2.51%), reaching $72.94 per barrel, The Caspian Post reports via Report.

The latest rally pushes Azerbaijan's benchmark crude well above the $65 per barrel oil price assumed in the country's 2026 state budget, potentially providing additional revenue for the economy.

Azeri Light has experienced dramatic price swings over the years. Its historic low of $15.81 per barrel was recorded on April 21, 2020, during the global pandemic-driven oil market collapse, while its all-time high of $149.66 per barrel was reached in July 2008.