The price of Azerbaijan’s Azeri Light crude oil has jumped by nearly $7 per barrel on the global market, reaching $98.19.

The price rose by $6.97, or 7.64%, compared with the previous trading session, APA Economics reports.

Meanwhile, September Brent crude futures closed at $91.20 per barrel.

The price of Azeri Light crude on an FOB basis at Türkiye’s Ceyhan port also increased, rising by $7.23, or 8.32%, to $94.12 per barrel.

Azerbaijan’s state budget for the year is based on an oil price assumption of $65 per barrel, meaning the current Azeri Light price remains significantly above the budget benchmark.

Historically, Azeri Light reached its lowest price of $15.81 per barrel on April 21, 2020, while its record high of $149.66 was recorded in July 2008.