BAKU – Azerbaijani oil prices saw a significant rise this week across various benchmarks, with the Azeri Light crude oil marking a notable increase.

According to Trend News Agency, The average price of Azeri Light crude oil, sourced from the Azeri-Chirag-Guneshli field, climbed $1.6 or 2.09 percent this week, reaching $78.26 per barrel. The price peaked at $81.47 per barrel, while the minimum was recorded at $75.19 per barrel. Similarly, at the Turkish port of Ceyhan, Azeri Light crude on a FOB basis averaged $77.12 per barrel, which represents a $1.49 or 1.98 percent increase from last week, with prices ranging from $74.18 to $80.17 per barrel.

URALS crude also experienced growth, gaining $2.19 or 3.6 percent to average $63.15 per barrel. The highest price reached for URALS this week was $66.49 per barrel, and the lowest was $59.92 per barrel.

Moreover, the Dated Brent benchmark, a major trading classification of sweet light crude oil, increased by $1.93 or 2.61 percent, resulting in an average price of $76.08 per barrel. This benchmark saw a maximum of $79.39 and a minimum of $72.90 per barrel during the week.

These fluctuations in oil prices reflect the dynamic nature of the global oil markets, influenced by a variety of geopolitical and economic factors that impact supply and demand.