Azerbaijani Oil Prices Skyrocket Above $101 per Barrel

The price of Azerbaijan's Azeri Light crude oil has surged to over $101 per barrel, marking a significant increase from previous levels. According to sources in the oil market, the price rose by $4.35 or 4.46% on a CIF basis at Italy's Augusta port.

In comparison, the price of Urals crude grew by $4.5 or 6.34% to reach $75.48 per barrel. Meanwhile, Dated Brent crude produced in the North Sea scaled up by $4.53 or 4.82% to $98.49 per barrel.

The recent spike in oil prices follows a brief period of relative calm after military operations resumed in the Middle East. Despite tensions, oil tankers continued to pass through the Strait of Hormuz, transporting an average of 8 million barrels daily.