Azeri Light crude gains $1.68 to reach $65.80 amid geopolitical jitters

 The price of Azerbaijan’s benchmark Azeri Light crude oil rose by $1.68, or approximately 2.6%, to settle at $65.80 per barrel on Tuesday. The uptick follows a volatile start to 2026, driven by heightened geopolitical tensions in South America and the Middle East.

The recovery in Azeri Light prices comes as global markets assess the impact of recent U.S. military actions in Venezuela and ongoing instability in the Red Sea.

While Brent and WTI futures saw modest gains earlier this week, Azeri Light — which typically trades at a premium to Brent due to its high quality — remains a key indicator for Azerbaijan’s fiscal health.

The country’s 2026 state budget is calculated based on an average oil price of $65 per barrel, making current levels critical for meeting government revenue targets.

N.Tebrizli