Azerbaijan's flagship crude grade has climbed further into three-figure territory, with Azeri Light reported at $126.16 a barrel on 31 October 2026. The rise of $3.88, or 3.17 per cent, from $122.28 a barrel the previous day was reported by Aze.us from oil market data, with the same figures carried by Bytes Europe citing Report. December Brent futures were put at $118.76 a barrel in the same reports, leaving Azeri Light at a premium of about $7.40 to the global benchmark. That premium reflects the grade's light, low-sulphur quality, which refiners prize because it yields a higher share of petrol and diesel, as well as the cost of moving it to market.

On a free-on-board basis at Türkiye's Ceyhan port, the grade rose by $4.10, or 3.65 per cent, to $116.48 a barrel, according to the same market reports. The gap between the two prices is a reminder that a headline crude price is not a single number: transport, port and delivery terms all shape what a buyer actually pays.

Why the premium matters

The level is striking against Azerbaijan's own planning assumptions. The country's state budget for this year is based on an average oil price of $65 a barrel, so $126.16 is nearly double that benchmark. Azeri Light is produced under the Azeri-Chirag-Gunashli field agreement, in which the State Oil Company of Azerbaijan holds a 35.3 per cent stake. For context, the grade's record high was $149.66 a barrel in July 2008, while its lowest price was $15.81 in April 2020. With Brent also elevated amid tensions around the Strait of Hormuz, traders will watch whether Caspian grades hold their premium or ease if regional shipping risks recede.