The price of Azerbaijan's Azeri Light crude oil increased by $6.97, or 7.64%, from the previous session to $98.19 per barrel.
The price of Azerbaijan's Azeri Light crude on an FOB basis at the Turkish port of Ceyhan also rose by $7.23, or 8.32%, to $94.12 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price of $65 per barrel.
In early trading, the front-month Brent crude contract rose 1.8% to $92.42 a barrel, while WTI futures were up 1% to $85.29 a barrel.
This was due to the U.S. launching further airstrikes on Iran in response to attacks on American forces in the Middle East, and growing concerns that this could cause new disruptions in global energy supplies.
The conflict has already spread beyond the Strait of Hormuz to include the Red Sea region as well. The Iran-backed Houthi group in Yemen has threatened to blockade Saudi Arabia. In response, Riyadh has joined U.S. forces in striking targets in Iraq linked to Iran-backed armed groups.
