Azerbaijani Oil Surges Past $126 Per Barrel As Iran Tensions Drive Global Prices Higher
The price of Azerbaijan's Azeri Light crude oil has climbed to $126.16 per barrel in the European market, rising by $3.88, or 3.2%, amid renewed concerns over potential US military strikes against Iran and disruptions to Middle Eastern energy supplies.
According to oil market participants, Azeri Light traded at $126.16 per barrel on a cost, insurance and freight (CIF) basis at Italy's Augusta port, compared with $122.28 previously.
At Türkiye's Ceyhan port, the price of Azeri Light on a free-on-board (FOB) basis increased by $4.10, or 3.6%, to $116.48 per barrel.
Other major crude benchmarks also recorded gains. Russia's Urals crude rose by $3.79, or 4.3%, to $92.14 per barrel, while North Sea Dated Brent increased by $3.94, or 3.4%, to $118.76.
The latest Azeri Light price at Augusta is nearly twice the $65-per-barrel oil price assumption used in Azerbaijan's 2026 state budget, representing a premium of $61.16.
Meanwhile, according to Trading Economics, global crude prices exceeded $103 per barrel on Friday, reaching their highest level in six weeks as investors assessed the possibility of renewed US military operations against Iran.
The report linked the increase to concerns that Washington could resume strikes following next week's US midterm elections. A senior US military commander has reportedly presented President Donald Trump with potential options for further operations against Iran.
Trump has repeatedly warned that military strikes could resume after the elections, while Iranian officials have confirmed receiving a letter from US Vice President J.D. Vance aimed at restarting peace negotiations.
US West Texas Intermediate (WTI) crude gained more than 10% during October against the backdrop of the continuing US-Iran conflict and escalating clashes involving Saudi Arabia and the Iranian-backed Houthi movement.
Security risks in the Strait of Hormuz, a critical route for global energy shipments, also remain elevated amid continued attacks on oil tankers.
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