Baku: The price of Azeri Light crude oil saw a significant increase, rising by $6.22, or 5.49 percent, to reach $119.54 per barrel on Friday. This marks a notable movement towards the $120 threshold, reflecting changes in the global oil market.

According to Azerbaijan State News Agency, Azeri Light has experienced considerable fluctuations over the years. The crude oil's all-time low was $15.81 per barrel on April 21, 2020, during a period of global economic downturn. Conversely, the highest recorded price for Azeri Light was $149.66 per barrel in July 2008, amid an oil market surge. These historical price points highlight the volatility and dynamic nature of oil pricing in response to global economic and political factors.